BankAtlantic extends tender offer for many series of trust preferreds

By Jennifer Chiou

New York, Jan. 23 - BankAtlantic Bancorp, Inc. announced the extension of its cash tender offer for several series of its trust preferred securities totaling $285,375,000.

The offer for the 12 series of non-publicly traded trust preferreds now ends at 5 p.m. ET on March 22, pushed back from Feb. 22.

Affected securities include the following:

• $25 million of capital securities of BBX Capital Trust 2007 I;

• $5 million of floating-rate capital securities of BBX Capital Trust 2007 II;

• $25 million of floating-rate capital securities of BBC Capital Statutory Trust 2007 III;

• $25 million of floating-rate capital securities of BBC Capital Statutory Trust 2007 IV;

• $10 million of BBC Capital Trust V floating-rate preferred securities;

• $15 million of BBC Capital Trust VI floating-rate preferred securities;

• $25 million of floating-rate capital securities of BBC Capital Statutory Trust VII;

• $15 million of floating-rate trust preferred securities of BBC Capital Trust VIII;

• $10 million of floating-rate trust preferred securities of BBC Capital Trust IX;

• $50 million of fixed-/floating-rate capital securities of BBC Capital Statutory Trust X;

• $10 million of fixed-/floating-rate trust preferred securities of BBC Capital Trust XI;

• $15 million of securities of BBC Capital Trust XII; and

• $55,375,000 of preferred securities of BBX Capital Trust II, which are a publicly traded series.

All securities carry a purchase price of $200 per $1,000 principal amount.

The company said that to its knowledge, it had yet to receive any tenders prior to the previous deadline.

The offer is conditioned on the receipt of consents from enough holders to approve proposed amendments to the trust preferreds.

On Feb. 12, BankAtlantic said it intended to file an S-3 shelf registration statement registering up to $75 million of its securities that it may issue from time to time in an effort to explore options for raising funds needed to satisfy the financing condition to the tender offer.

BankAtlantic Bancorp is a Fort Lauderdale, Fla., bank holding company.

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