WYOMISSING, Pa., May 13 /PRNewswire-FirstCall/ -- Sovereign Bank ("Bank"), a federal savings bank and a subsidiary of Sovereign Bancorp, Inc. announced today that it has priced $500 million of fixed rate subordinated notes. The notes will have a coupon of 8.75% and will mature as of May 30, 2018. The offering is subject to customary closing conditions and is expected to close on May 16, 2008. Lehman Brothers Inc. acted as the sole book-running manager and Sandler O'Neill & Partners L.P. acted as co-manager of the offering. The Bank intends to use the net proceeds of the offering for general corporate and banking purposes, including repayment of Federal Home Loan Bank ...