Washington Mutual, Inc. Announces the Convertibility of New American Capital, Inc. 4% Convertible Senior Notes Due May 15, 2008.SEATTLE -- 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 ended March 31, 2006. 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 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 provided that the Notes are convertible 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 fiscal quarter (January 1, 2006 until March 31, 2006) at the conversion rate in effect at the time of conversion. About Washington Mutual With a history dating back to 1889, Washington Mutual is a retailer of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. that provides a diversified diversified (di·verˑ·s line of products and services to consumers and commercial clients. At September 30, 2005, Washington Mutual and its subsidiaries had assets of $333.62 billion. Washington Mutual currently operates more than 2,500 retail banking, mortgage lending, commercial banking, and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamunewsroom.com. |
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