Popular to redeem subordinated debentures, capital securities

By Tali Rackner

Norfolk, Va., June 26 – Popular Inc. plans to use the proceeds from a senior note offering to redeem $936 million of its junior subordinated debentures and consequently redeem $935 million of the capital securities, according to a 424B2 filing with the Securities and Exchange Commission.

The Federal Reserve Bank of New York approved the redemption of the securities on June 17.

Popular is a financial services company based in Hato Rey, Puerto Rico.

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