Bay View Capital Corporation to Redeem Portion of Capital Securities and Pay Dividend on Remaining Portion
November 28 2003 - 5:00PM
PR Newswire (US)
Bay View Capital Corporation to Redeem Portion of Capital
Securities and Pay Dividend on Remaining Portion SAN MATEO, Calif.,
Nov. 28 /PRNewswire-FirstCall/ -- Bay View Capital Corporation
announced today that it has elected to exercise its right to redeem
$63,541,800 of its 9.76% Junior Subordinated Deferrable Interest
Debentures due December 21, 2028. As a result, Bay View Capital I
will use the proceeds received from such redemption to redeem
$63,541,800 of the 9.76% Cumulative Capital Securities (the
"Capital Securities"), representing approximately seventy-four
percent of the Capital Securities outstanding. The redemption date
for the Capital Securities redeemed will be December 31, 2003 at a
price equal to 100% of the $25.00 liquidation amount per Capital
Security, plus accrued and unpaid distributions on each such
Capital Security to the redemption date. The redemption price will
be paid to holders of record as of December 30, 2003. "This action
furthers our previously announced strategy of a partial liquidation
of the Company," stated Robert B. Goldstein, Chairman of the
Company. "We have decided to leave a portion of the Capital
Securities outstanding in order to supplement our liquidity as we
continue to seek the best possible prices for our remaining assets,
and in anticipation of paying a year-end dividend on our common
stock of approximately $4.00 per share." The quarterly distribution
on the remaining Capital Securities outstanding will be paid on
December 31, 2003. The total amount payable per share will be $0.61
per Capital Security. The record date for the distribution will be
December 30, 2003. Bay View Capital Corporation is a financial
services company headquartered in San Mateo, California and is
listed on the NYSE: BVC. For more information, visit
http://www.bayviewcapital.com/. DATASOURCE: Bay View Capital
Corporation CONTACT: John Okubo, +1-650-294-7778, for Bay View
Capital Corporation Web site: http://www.bayviewcapital.com/
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