CHARLOTTE, NC --NationsBank Corp said it was increasing by $50 million its 10-year subordinated note offering because of strong demand.
The issue, which now totals $600 million, is part an offering that also includes $400 million of senior notes.
Both portions of the offerings were part of a $4 billion shelf registration for debts securities and preferred and common stock previously declared effectively by the Securities and Exchange Commission.
The 10-year, noncallable subordinated notes have a coupon of 6.50%. Merrill Lynch & Co. is lead manager. Moody's Investors Service announced late Thursday -- after the offering was priced -- that it had upgraded NationsBank debt.
