New York Community Bancorp sets exchange ratio for Bonuses units offer

By Angela McDaniels

Tacoma, Wash., Aug. 24 - New York Community Bancorp, Inc. said it will issue 3.4122 shares of common stock in exchange for each tendered unit of its $275 million of 6% Bifurcated Option Note Unit Securities due 2051.

The exchange ratio was set by adding 2.4953 shares and 0.9191 common shares. The latter number was determined by dividing $10.00 by $10.88, the average of the daily volume-weighted average price of the company's common stock during the five consecutive trading days that ended Aug. 21, according to a company news release.

The exchange offer began July 29 and will expire at 11:59 p.m. ET on Aug. 25.

The company said that in addition to eliminating the interest expense of the exchanged securities, the offer is expected to strengthen its capital and be immediately accretive to its tangible book value per share.

The information agent is Mellon Investor Services LLC (800 777-3674).

New York Community Bancorp is the bank holding company for New York Community Bank and New York Commercial Bank. It is based in Westbury, N.Y.

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