Yesterday, Northern Trust Corporation announced the pricing of an underwritten public offering of $750 million of common stock and a simultaneous public offering of $500 million of notes. Northern Trust states in its common stock prospectus supplement that "We have been consulting with our regulators, including discussing our own internal capital evaluation, and intend to use the capital raised hereby, plus additional resources (including the proceeds from our note offering), to redeem all of the shares of our Series B Preferred Stock and repurchase the Warrant issued and sold, in each case, to the U.S. Treasury as part of the Troubled Asset Relief Program Capital Purchase Program. There can be no assurance when the Series B Preferred Stock can be redeemed and the Warrant can be repurchased." On November 14, 2008, Northern Trust issued $1.576 billion of preferred stock, plus a warrant to purchase shares of common stock, to Treasury under the Capital Purchase Program.