Union Bank is seeking to raise $1 billion in a two-part sale of senior unsecured bank notes, The Wall Street Journal reports. The first tranche of $300 million securities will mature in three years, while the second tranche of $700 million notes are due to mature in five years.

The California-based bank intends to use the proceeds to pay back outstanding debt securities and for general corporate purposes. Barclays Capital and Morgan Stanley have been named as active book-runners for the deal.

Click here for the story from The Wall Street Journal.