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Webster Bank accepts tenders for $22.52 million of 5.875% notes
By Jennifer Chiou
New York, March 19 - Webster Bank, NA said it accepted $22.52 million of notes in the fixed-price cash tender offer for any and all of its outstanding $200 million of 5.875% subordinated notes due 2013.
The bank is a wholly owned subsidiary of Webster Financial Corp.
Webster said it will pay a total of $18.25 million for the notes, which is made up of $800 per $1,000 principal amount of the notes plus accrued interest up to the settlement date.
The offer expired at 5 p.m. ET on March 18. It began on March 10. The payment date is set for March 20.
The Waterbury, Conn.-based bank said it expected to use available cash to pay for the notes.
Global Bondholder Services Corp. (866 470-4200 or banks and brokers 212 430-3774) was the information agent. J.P. Morgan Securities Inc. (866 834-4666) was the dealer manager.
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