US Treasury Intends Selling Warrants In SunTrust, Webster

Date : 05/25/2011 @ 4:29PM
Source : Dow Jones News
Stock : Webster Financial Corp. (WBS)
Quote : 52.26  0.0 (0.00%) @ 2:05AM

US Treasury Intends Selling Warrants In SunTrust, Webster

Suntrust (NYSE:STI)
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The U.S. Treasury Department says it intends to sell warrant positions in two companies under a program designed to bail out Wall Street.

Treasury Wednesday announced its intention to dispose of warrant positions in Sun Trust Banks Inc. (STI) and Webster Financial Corp. (WBS).

Treasury received the warrants in consideration for investments made under the Troubled Asset Relief Program. Each company has repurchased Treasury's preferred stock investment.

Over the next several weeks, Treasury intends to conduct auctions to sell the warrant positions. The warrants will be sold through public offerings, using a method that sets a market price by allowing investors to submit bids above a minimum price specified for each auction.

Treasury has 17.9 million warrants in Sun Trust and 3.28 million in Webster.

The strike price on one set of SunTrust warrants, 11.89 million, is $44.15, with an expiration date of Nov. 14, 2018. The strike price on the other set, 6.01 million, is $33.70, with an expiration date of Dec. 31, 2018.

The strike price on the Webster warrants is $18.28, with an expiration date of Nov. 21, 2018.

 
   -By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com 
 

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