NationsBank (Corp. said Monday it is issuing $350 million in 10-year subordinated notes.
The notes are part of a $1 billion shelf registration filed with the Securities and Exchange Commission earlier this year.
The notes are noncallable and will carry a coupon of 8.125%. They will qualify as Tier 2 capital.
The offering will be managed by Merrill Lynch & Co., Bear, Stearns & Co., and Lehman Brothers Inc.
Proceeds will go for general corporate purposes, including additions to working capital and reduction of outstanding indebtedness.
