Washington Mutual, Inc. Announces the Convertibility of New American Capital, Inc. 4% Convertible Senior Notes Due May 15, 2008.SEATTLE Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. -- Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. , Inc. (NYSE NYSE See: New York Stock Exchange :WM) today announced that New American Capital, Inc.'s 4% Convertible Notes due May 15, 2008 (the "Notes") will be convertible into shares of Washington Mutual common stock and cash during the quarter ending December 31, 2007. New American Capital, Inc., a wholly-owned subsidiary of Washington Mutual, Inc., is the successor by merger to Providian Financial Corporation ("Providian"). The Notes were originally issued by Providian pursuant to a supplemental indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. between Providian and Bank One Trust Company, N.A., as Trustee, dated May 27, 2003, which was amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. by a supplemental indenture by and among Providian, Washington Mutual, Inc., New American Capital, Inc., and J.P. Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Trust Company, National Association (as successor trustee) dated as of October 1, 2005 (as so amended, the "Supplemental Indenture"). The Notes are convertible pursuant to Section 2.01(a)(i) of the Supplemental Indenture, which provides that the Notes are convertible during a calendar quarter if the closing price of Washington Mutual's common stock exceeded $31.80 per share (110% of the conversion price) for at least 20 trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. of the 30 consecutive trading day period ending on the last day of the preceding calendar quarter. Holders of the Notes may convert the Notes into shares of Washington Mutual common stock and cash during this calendar quarter (October 1, 2007 until December 31, 2007) at the conversion rate in effect at the time of conversion. About Washington Mutual WaMu, through its subsidiaries, is one of the nation's leading consumer and small business banks. At June 30, 2007, WaMu and its subsidiaries had assets of $312.22 billion. The company has a history dating back to 1889 and its subsidiary banks currently operate approximately 2,700 consumer and small business banking stores throughout the nation. WaMu's press releases are available at http://newsroom.wamu.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion