Advanta plans tender offer for Advanta Capital Trust I's $100 million trust preferreds

By Angela McDaniels

Tacoma, Wash., April 30 - Advanta Corp. said it expects to make a tender offer for Advanta Capital Trust I's $100 million of trust preferred securities, which are backed by the company's junior subordinated long-term debt.

The trust preferreds have recently traded at under 10% of face value, and the tender price will be related to those trades, according to a company news release.

The company has elected to defer payments on the trust preferreds and to suspend payment of dividends on its common and preferred stock, which were largely curtailed earlier in the year.

Advanta provides credit cards and other financial services for businesses and is based in Spring House, Pa.

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