Printer Friendly

TENDER OFFER BY FLEET FINANCIAL GROUP EXPIRES FOR TWO SERIES OF PREFERRED STOCK

 PROVIDENCE, R.I., June 21 /PRNewswire/ -- Fleet Financial Group (NYSE: FLT) announced today that the tender offer period in connection with its offer to purchase 2,000,000 each of its Series III and Series IV depositary shares has expired.
 As of the expiration date of June 18, 1993, approximately 2,282,000 Series III and 2,167,000 Series IV depositary shares were tendered, including approximately 84,000 and 212,000 of each issue respectively, which are guaranteed for delivery.
 In accordance with its Offer to Purchase, dated May 19, 1993, Fleet expects to purchase a total of 2,084,000 Series III and 2,080,000 Series IV depositary shares. Fleet also expects to purchase all shares held by persons who own fewer than 100 shares before prorating the remaining Series III and Series IV depositary shares tendered. Fleet expects to announce the preliminary


proration factor for each series on or before June 22, 1993, and the final proration factor on or before June 29, 1993. Following the repurchase of the depositary shares tendered, approximately 2,116,000 Series III and 1,920,000 Series IV depositary shares will remain outstanding.
 The Series III depositary shares each represent a one-fourth interest in a share of Fleet's Series III 10.12 percent Perpetual Preferred Stock, and the Series IV depositary shares each represent a one-fourth interest in a share of Fleet's Series IV 9.375 percent Perpetual Preferred Stock.
 Merrill Lynch & Co. acted as dealer manager in connection with the tender offer.
 Fleet Financial Group is a $45-billion diversified financial services company listed on the New York Stock Exchange with approximately 1,200 offices nationwide. Its lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, investment management, and student loan processing.
 -0- 6/21/93
 /CONTACT: Robert W. Lougee, Jr. vice president and director, corporate communications, 401-278-5879; Bruce P. Crooks, 401-278-6241; Thomas L. Lavelle, 401-278-3003 (Media); Judith B. Ragge, 401-278-6444 (Investor), all of Fleet Financial Group/
 (FLT)


CO: Fleet Financial Group ST: Massachusetts IN: FIN SU:

CM -- NE006 -- 4019 06/21/93 11:43 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 21, 1993
Words:351
Previous Article:HANNAFORD REPORTS SALES FOR MAY
Next Article:LASER TECHNOLOGY ANNOUNCES POSITIVE EARNINGS OUTLOOK
Topics:


Related Articles
FLEET/NORSTAR FINANCIAL GROUP DECLARES PREFERRED STOCK DIVIDENDS
FLEET FINANCIAL GROUP DECLARES COMMON AND PREFERRED STOCK DIVIDENDS
FLEET FINANCIAL GROUP FILES TENDER OFFER FOR TWO SERIES OF PREFERRED STOCK
FLEET FINANCIAL GROUP ANNOUNCES PRELIMINARY PRORATION ON TENDER OFFER
FLEET FINANCIAL GROUP ANNOUNCES FINAL PRORATION FACTOR ON TENDER OFFER
FLEET FINANCIAL GROUP DECLARES PREFERRED STOCK DIVIDENDS
FLEET FINANCIAL GROUP FILES ODD LOT TENDER OFFER FOR TWO SERIES OF PREFERRED STOCK
FLEET FINANCIAL GROUP COMPLETES TWO PREFERRED STOCK OFFERINGS RAISING $425 MILLION
Fleet Announces Offer to Exchange Preferred Securities for Outstanding Depositary Shares of Series V Preferred Stock
Fleet Announces Preliminary Count of Series V Depositary Shares Tendered at Close of Trust Originated Preferred Securities Exchange Offer

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters