Popular Extends Expiration Date of Exchange Offer
July 29 2009 - 7:30AM
PR Newswire (US)
SAN JUAN, Puerto Rico, July 29 /PRNewswire-FirstCall/ -- Popular,
Inc. (the "Corporation") (NASDAQ:BPOP) today announced that it has
extended the expiration date for its offer to issue up to 390
million shares of its Common Stock in exchange for its Series A
Preferred Stock and Series B Preferred Stock and for Trust
Preferred Securities (the "Exchange Offer") until 11:59 PM on
August 13, 2009, unless the Corporation further extends the
Exchange Offer or terminates it prior to such date. As of 5:00 p.m.
on July 28, 2009, approximately $700.67 million in aggregate
liquidation amount of Trust Preferred Securities and liquidation
preference of Series A Preferred Stock and Series B Preferred Stock
(or 49.66% of the aggregate liquidation amount or liquidation
preference outstanding) had been tendered in the Exchange Offer as
follows: $153,338,750 in aggregate liquidation preference of shares
of its Series A Preferred Stock (or 82.05% of the aggregate
$186,875,000 liquidation preference outstanding); $352,983,325 in
aggregate liquidation preference of shares of its Series B
Preferred Stock (or 88.25% of the aggregate $400,00,000 liquidation
preference outstanding); $31,539,000 in aggregate liquidation
amount of the 8.327% Trust Preferred Securities (or 21.90% of the
aggregate $144,000,000 liquidation amount outstanding); $65,214,000
in aggregate liquidation amount of the 6.564% Trust Preferred
Securities (or 21.74% of the aggregate $300,000,000 liquidation
amount outstanding); $84,523,300 in aggregate liquidation amount of
the 6.70% Cumulative Monthly Income Trust Preferred Securities (or
33.81% of the aggregate $250,000,000 liquidation amount
outstanding); and $13,071,200 in aggregate liquidation amount of
the 6.125% Cumulative Monthly Income Trust Preferred Securities (or
10.05% of the aggregate $130,000,000 liquidation amount
outstanding). Except as otherwise stated in this release all of the
terms and conditions of the Exchange Offer, as set forth in the
Preliminary Prospectus (defined below) are unchanged. The lead
dealer managers for the Exchange Offer are UBS Investment Bank,
which can be contacted at (888) 719-4210, and Popular Securities,
which can be contacted at (787) 766-6601, and the co-lead dealer
manager is Citi, which can be contacted at (800) 558-3745. The
Corporation has filed a registration statement (including a
preliminary prospectus (the "Preliminary Prospectus") and related
exchange offer materials) with the SEC for the exchange offer to
which this communication relates. This registration statement has
not yet become effective. Before you decide whether to tender into
the Exchange Offer, you should read the preliminary prospectus in
that registration statement and other documents the Corporation has
filed with the SEC for more complete information about the
Corporation and the Exchange Offer. You may obtain these documents
for free by visiting EDGAR on the SEC Web site at
http://www.sec.gov/. Alternatively, the Corporation will arrange to
send you the preliminary prospectus if you request it by contacting
Corporate Communications, at (787) 765 - 9800. The complete terms
and conditions of the Exchange Offer are set forth in the
preliminary prospectus and the related letters of transmittal,
copies of which will be available at
http://www.popularinc.com/exchangeoffer and from Global Bondholder
Services Corporation, the information agent, at (866) 540-1500 or,
for bankers and brokers, at (212) 430-3774. This press release is
not an offer to sell or purchase or an offer to exchange or a
solicitation of acceptance of an offer to sell or purchase or offer
to exchange, which may be made only pursuant to the terms of the
preliminary prospectus and related letter of transmittal, as
applicable. Forward-Looking Statements: The information included in
this press release may contain certain forward-looking statements.
These statements are based on management's current expectations and
involve certain risks and uncertainties that may cause actual
results to differ materially from those expressed in
forward-looking statements. Factors that might cause such a
difference include, but are not limited to (i) the rate of
declining growth in the economy and employment levels, as well as
general business and economic conditions; (ii) changes in interest
rates, as well as the magnitude of such changes; (iii) the fiscal
and monetary policies of the federal government and its agencies;
(iv) changes in federal bank regulatory and supervisory policies,
including required levels of capital; (v) the relative strength or
weakness of the consumer and commercial credit sectors and of the
real estate markets in Puerto Rico and the other markets in which
borrowers are located; (vi) the performance of the stock and bond
markets; (vii) competition in the financial services industry;
(viii) possible legislative, tax or regulatory changes; and (ix)
difficulties in combining the operations of acquired entities. For
a discussion of such factors and certain risks and uncertainties to
which the Corporation is subject, see the Corporation's Annual
Report on Form 10-K for the year ended December 31, 2008 as well as
its filings with the U.S. Securities and Exchange Commission. Other
than to the extent required by applicable law, including the
requirements of applicable securities laws, the Corporation assumes
no obligation to update any forward-looking statements to reflect
occurrences or unanticipated events or circumstances after the date
of such statements. Popular, Inc. is a full service financial
services provider based in Puerto Rico with operations in Puerto
Rico, the United States, the Caribbean and Latin America. As the
leading financial institution in Puerto Rico, the Corporation
offers retail and commercial banking services through its principal
banking subsidiary, Banco Popular de Puerto Rico, as well as auto
and equipment leasing and financing, mortgage loans, investment
banking, broker-dealer and insurance services through specialized
subsidiaries. In the United States, the Corporation operates Banco
Popular North America ("BPNA"), including its wholly-owned
subsidiary E-LOAN. BPNA is a community bank providing a broad range
of financial services and products to the communities it serves.
BPNA operates branches in New York, California, Illinois, New
Jersey and Florida. E-LOAN markets deposit accounts under its name
for the benefit of BPNA and offers loan customers the option of
being referred to a trusted consumer lending partner. The
Corporation, through its subsidiary EVERTEC, provides transaction
processing services throughout the Caribbean and Latin America, as
well as internally services many of its subsidiaries' system
infrastructures and transactional processing businesses. The
Corporation is exporting its 115 years of experience through these
regions while continuing its commitment to meet the needs of
clients through innovation and to foster growth in the communities
it serves. An electronic version of this press release can be found
at the Corporation's website, http://www.popular.com/. DATASOURCE:
Popular, Inc. CONTACT: Investor Relations, Jorge A. Junquera, Chief
Financial Officer, Senior Executive Vice President,
+1-787-754-1685, or Media Relations, Teruca Rullan, Senior Vice
President, Corporate Communications, +1-787-281-5170, or
+1-917-679-3596 (mobile), both of Popular, Inc. Web Site:
http://www.popular.com/
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