Rochester, NY 7/3/2009 2:31:15 AM
Mid Afternoon Report - BPOP - Popular, Inc toIssue up to 390 Million Shares of Common Stock - Sourced WhisperFromWallStreet.com
Popular, Inc.
Mid Afternoon Report - BPOP - Popular, Inc toIssue up to 390 Million Shares of Common Stock - Sourced WhisperFromWallStreet.com
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Popular, Inc.,BPOP
2.00 Down 0.08 (3.85%) 3:24PM ET
Popular, Inc. (the "Corporation") today announced that it has commenced an 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 the Trust Preferred Securities referred to below (the "Exchange Offer").
In connection with the Exchange Offer, for each share of Series A Preferred Stock, share of Series B Preferred Stock or Trust Preferred Security accepted in accordance with the terms of the Exchange Offer, the Corporation will issue a number of its shares of Common Stock equal to the Exchange Value, set forth in the table below, divided by the "Relevant Price". The "Relevant Price" will be equal to the greater of (1) the average Volume Weighted Average Price, or "VWAP," of a share of our Common Stock during the five-trading day period ending on the second business day immediately preceding the expiration date of the Exchange Offer (which we currently expect to be July 24, 2009, unless the Exchange Offer is extended), determined as described in the preliminary prospectus for the Exchange Offer and (2) the "Minimum Share Price" of $2.50 per share of the Corporation's Common Stock. The expiration date for the Exchange Offer is July 28, 2009, unless the Corporation extends the Exchange Offer or terminates it early.
ABOUT
Popular, Inc., through its subsidiaries, provides a range of retail and commercial banking products and services in Puerto Rico, the United States, Venezuela, and the Dominican Republic. It also provides vehicle financing, leasing, and daily rental services; mortgage loans; and insurance agency and brokerage, and reinsurance services, as well as offers financial advisory, investment, and security brokerage services for institutional and retail customers.
Last Trade: 2.01
Day's Range: 1.97 - 2.10
52wk Range: 1.42 - 12.45
Volume: 3,039,299
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