Popular Inc, the parent of Banco Popular, said the U.S. Treasury Department has agreed to exchange $935 million of its series C preferred stock for newly issued trust preferred securities, in efforts to strengthen the bank's regulatory capital.
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Popular expects to complete the exchange following completion of a separate exchange offer of up to 390 million of common shares for series A and B preferred stock and trust preferred securities.
The new trust preferred securities issued to Treasury will have a distribution rate of 5 percent until Dec. 5, 2013 and 9 percent thereafter, the company said in a statement.
Popular said it will also terminate its consent solicitation of holders of series A and series B preferred stock and will not extend the expiration date for the exchange offer it started in June, given the agreement with the Treasury.
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