WASHINGTON -- Riggs National Corp. said it intends to file a registration statement with the Securities and Exchange Commission for up to 125 million of suburdinated debt securities.
Riggs said the debt would be issued beginning in early 1994 but did not immediately detail terms. Riggs said it expects to use the proceeds to redeem about $147 million in outstanding subordinated notes, which mature in 1996.
Riggs also said it declared effective a previously registered filing for resale of 2.9 million common shares and four million 10.75% preferred shares sold privately.
