Irwin Financial Corporation Announces Issuance of $51.75 Million of Trust Preferred Securities; Proceeds to Redeem $51.75 Millio
August 05 2005 - 9:30AM
PR Newswire (US)
COLUMBUS, Ind., Aug. 5 /PRNewswire-FirstCall/ -- Irwin Financial
Corporation (NYSE:IFC) today announced that it has completed a
private placement of $51.75 million of trust preferred securities
issued by IFC Capital Trust VIII. The securities mature in 2035,
bear interest at a fixed rate of 5.963% for the first five years
and then convert to a variable interest rate of three month LIBOR
plus 153 basis points thereafter, and are callable at the option of
the company at par after five years. The company intends to use the
proceeds of the offering to redeem the entire $51.75 million par
value of 10.50% securities due September 30, 2030, underlying
$51.75 million of 10.50% cumulative trust preferred securities
(NYSE:IFC.O) issued by IFC Capital Trust II in 2000. The company
has provided notice to the trustee of its plans to redeem these
securities effective September 30, 2005. The newly issued trust
preferred securities have not been registered under the Securities
Act and may not be offered or sold in the United States absent
registration or an exemption from the registration requirements.
This notice does not constitute an offer to sell or the
solicitation of an offer to buy the securities. About Irwin
Financial Irwin(R) Financial Corporation
(http://www.irwinfinancial.com/ ) is a bank holding company with a
history tracing to 1871. The Corporation, through its principal
lines of business -- Irwin Mortgage Corporation, Irwin Union Bank,
Irwin Home Equity Corporation and Irwin Commercial Finance --
provides a broad range of financial services to consumers and small
businesses in selected markets in the United States and Canada.
DATASOURCE: Irwin Financial Corporation CONTACT: Suzie Singer,
Corporate Communications of Irwin Financial Corporation,
+1-812-376-1917 Web site: http://www.irwinfinancial.com/
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