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Sun Bancorp calls $40 million of trust V, trust VI preferreds
New York, May 23 – Sun Bancorp, Inc. announced the redemption of $40 million of trust preferred securities from two series.
The company will redeem the $15 million of floating-rate preferred securities due Dec. 30, 2033 issued by Sun Capital Trust V and the $25 million of floating-rate capital securities due Jan. 23, 2034 issued by Sun Capital Trust VI, according to a news release.
The Trust V securities will be repaid on June 30 and the Trust VI securities on July 23.
Both trust preferreds pay interest at Libor plus 280 basis points.
In both cases the redemption price will be 100% of the liquidation amount plus accumulated distributions up to but excluding the redemption dates.
Sun Bancorp is the holding company for Sun National Bank and is based in Mount Laurel, N.J.
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