Popular holders give up put options on $175 million of floaters

By Angela McDaniels

Tacoma, Wash., Oct. 5 - Popular, Inc. said two institutional investors owning $175 million of its $250 million of floating-rate notes due 2011 agreed to eliminate their right to put the notes back to the company for purchase.

In exchange, the company agreed to increase the interest rate on the notes held by these investors to Libor plus 600 basis points from Libor plus 450 bps, according to an 8-K filing with the Securities and Exchange Commission.

Popular is a financial services provider based in San Juan, Puerto Rico.

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