Bank United extends expiration date for offer to purchase its 8.05 percent senior notes.HOUSTON--(BUSINESS WIRE)--April 3, 1997--Bank United Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BNKU) today announced in connection with its tender offer and consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with for its outstanding 8.05 percent Senior Notes due May 15, 1998, that it is extending the Expiration Date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. for its tender offer and consent solicitation, which is currently scheduled for April 9, 1997, to 12:00 midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on April 23, 1997. As provided in the Offer to Purchase and Consent Solicitation Statement, Bank United Corp. is extending the offer so that the Expiration Date occurs on or shortly after the consummation of the offering of Bank United Corp.'s Subordinated Notes, a portion of the proceeds of which would be used to finance the tender offer. Due to current market conditions, the Subordinated Note Offering has been postponed. On April 18, 1997, Bank United Corp. will determine the total consideration for the offer and solicitation (unless the Expiration Date is further extended). Because this represents an extension of longer than three business days, the Price Determination Date, currently scheduled for April 4, 1997, is being changed to April 18, 1997. All other terms of the offer remain unchanged. The tender offer for all outstanding Senior Notes will be priced at a fixed spread of 37.5 basis points over the yield of the 6-1/8 percent U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. Note due May 15, 1998 as of 2:00 p.m. New York City time, on the Price Determination Date, which now will be April 18, 1997 (unless the Expiration Date is further extended), less a consent payment of $5.00 per $1,000 principal amount of Senior Notes for which a valid consent was received on or prior to 12:00 midnight, New York City time, on March 26, 1997. Bank United Corp. said that it has been informed by the Depositary that, as of the close of business on April 2, 1997, $114,500,000 in aggregate principal amount of Senior Notes had been tendered and consents had been provided, representing approximately 99.6 percent of the outstanding $115,000,000 Senior Notes. Requests for assistance or documents should be directed to either of the Dealer Managers, Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. (Paul S. Galant This article is about the musical style. For the Mitsubishi automobile, see Mitsubishi Galant. In music, Galant was a term referring to a style, principally occurring in the third quarter of the 18th century, which featured a return to classical simplicity at 800-655-4811) and Lehman Brothers (Aman Verjee at 800-438-3242), or the Information Agent, MacKenzie Partners Inc. (800-322-2885). Bank United Corp. is headquartered in Houston and operates a community banking network of 70 branches in Texas including 37 in the greater Houston area, 29 in the Dallas/Fort Worth Metroplex The Dallas–Fort Worth–Arlington metropolitan area, a title designated by the U.S. Census as of 2003, encompasses 12 counties within the U.S. state of Texas. The metropolitan area is further divided into two metropolitan divisions: Dallas–Plano–Irving , and two each in Austin and San Antonio; as well as a branch and credit card processing center in Phoenix, Arizona; a commercial banking group with 9 regional offices; and a financial markets business. CONTACT: Bank United Corp., Houston Vern Stockton, 713/543-6920 Lynne King, 713/543-6965 |
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