Washington Mutual News 4/3
Washington Mutual, Inc. Announces the Convertibility of New American Capital, Inc. 4% Convertible Senior Notes Due May 15, 2008
SEATTLE, Apr 03, 2006 (BUSINESS WIRE) -- Washington Mutual, Inc. (NYSE: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 June 30, 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 between Providian and Bank One Trust Company, N.A., as Trustee, dated May 27, 2003, which was amended 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 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 (April 1, 2006 until June 30, 2006) at the conversion rate in effect at the time of conversion. With a history dating back to 1889, Washington Mutual is a retailer of financial services that provides a diversified line of products and services to consumers and commercial clients. At December 31, 2005, Washington Mutual and its subsidiaries had assets of $343.12 billion.
Washington Mutual currently operates more than 2,600 retail banking, mortgage lending, commercial banking, and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamunewsroom.com.
SOURCE: Washington Mutual, Inc.
SEATTLE, Apr 03, 2006 (BUSINESS WIRE) -- Washington Mutual, Inc. (NYSE: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 June 30, 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 between Providian and Bank One Trust Company, N.A., as Trustee, dated May 27, 2003, which was amended 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 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 (April 1, 2006 until June 30, 2006) at the conversion rate in effect at the time of conversion. With a history dating back to 1889, Washington Mutual is a retailer of financial services that provides a diversified line of products and services to consumers and commercial clients. At December 31, 2005, Washington Mutual and its subsidiaries had assets of $343.12 billion.
Washington Mutual currently operates more than 2,600 retail banking, mortgage lending, commercial banking, and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamunewsroom.com.
SOURCE: Washington Mutual, Inc.
posted by Kirby P at 10:20 PM
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