By Devika Patel
Knoxville, Tenn., July 1 - Flagstar Bancorp, Inc. completed a $50 million private placement of trust preferred securities on Tuesday, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 50,000 convertible trust preferreds were sold to MP Thrift Investments LP for $1,000 each.
The trust preferreds may be converted into common stock on April 1, 2010 at a conversion price equal to 90% of the volume-weighted average price of the common stock from Feb. 1, 2009 through April 1, 2010.
If MP Thrift Investments opts not to convert the trust preferreds at that time, the conversion rights will expire.
Flagstar is a Troy, Mich.-based savings and loan holding company.
| Issuer: | Flagstar Bancorp, Inc.
|
| Issue: | Convertible trust preferred securities
|
| Amount: | $50 million
|
| Securities: | 50,000
|
| Price: | $1,000
|
| Warrants: | No
|
| Investor: | MP Thrift Investments LP
|
| Settlement date: | June 30
|
| Stock symbol: | NYSE: FBC
|
| Stock price: | $0.68 at close June 30
|
| Market capitalization: | $64.2 million
|
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