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Anchor BanCorp files $200 million shelf registration
By E. Janene Geiss
Philadelphia, Oct. 6 - Anchor Bancorp Wisconsin Inc. filed a $200 million shelf registration in an S-3 filing with the Securities and Exchange Commission.
The registration covers debt securities, common stock, preferred stock, depositary shares, purchase contracts, warrants, units and guarantees. The securities may be structured as convertibles.
The filing also included the sale of trust preferred securities by Anchor Capital Funding Trust 1. The preferreds are fully and unconditionally guaranteed by Anchor BanCorp.
The Madison, Wisconsin savings and loan holding company said in the SEC filing that it will use proceeds for general corporate purposes, including investments, working capital and repaying debt but added in a news release that proceeds from any sales would first be used to reduce debt under the credit agreement with U.S. Bank NA dated June 9 and amended Sept. 30.
All or part of any additional proceeds will be used for general corporate purposes, including further repayment of the debt to U.S. Bank, or distributed to AnchorBank to strengthen its capital position.
"The shelf registration is part of our strategic capital raising effort to decrease our current debt balances and improve AnchorBank's current 'well-capitalized' regulatory ratios," said Douglas Timmerman, president and chief executive officer, in the news release.
"We expect that capital raised in this effort would be sufficient to enable Anchor BanCorp and AnchorBank to deal with current economic conditions and continue our plans for prudent growth."
Anchor BanCorp also announced that it anticipates increasing its allowance for loan losses to approximately 1.50% of loans as of Sept. 30 from 0.94% at June 30 in order to strengthen its balance sheet.
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