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People’s Sells Notes
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Business New Haven
11/27/2000
By: BNH
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BRIDGEPORT - People's Bank (NASDAQ: PBCT) announced November 14 that it had sold $150 million of subordinated notes, due November 15, 2010. The notes will pay interest semi-annually at the rate of 9.875 percent per year. The notes represent the unsecured obligations of People's Bank, subordinate to its obligations to depositors and other senior creditors. People's has been advised by the FDIC that the notes will be eligible for inclusion as Tier 2 capital, and the FDIC has provided its advance consent to retire the notes at maturity, subject to the right of the FDIC to withdraw consent.
Salomon Smith Barney and Merrill Lynch, Pierce, Fenner & Smith were joint lead managers of the offering. Goldman, Sachs & Co. and Lehman Brothers Inc. were co-managers.
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