FleetBoston Financial has announced a trust preferred stock offering that will raise $500 million of capital.
The transaction was led by Salomon Smith Barney, Inc. and was co-managed by Fleet Securities, Inc., Merrill Lynch Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, Prudential Securities Incorporated and UBS Warburg LLC. Proceeds will be used for general corporate purposes.
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The 30-year offering of 7.20 percent fixed rate cumulative trust preferred stock was sold through Fleet Capital Trust VIII. The offering provides investors with call protection for five years. Dividends will be paid quarterly, beginning June 15, 2002.
