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Webster Bank launches cash tender offer for 5.875% notes due 2013
By Marisa Wong
Madison, Wis., Jan. 30 - Webster Bank, NA announced a fixed-price cash tender offer for any and all of its $177.48 million of outstanding 5.875% subordinated notes due 2013.
The offer began on Jan. 30 and will expire at 5 p.m. ET on Feb. 6.
The consideration for notes tendered and accepted for payment is $1,035 per $1,000 principal amount of notes. The bank will also pay accrued interest up to, but not including, the settlement date, which is expected to be Feb. 8.
Tenders may be withdrawn prior to the expiration time.
The bank said it expects to use available cash to purchase the notes.
Deutsche Bank Securities Inc. (212 250-2955 and 866 627-0391) is the dealer manager for the tender offer. Global Bondholder Services Corp. (212 430-3774 for banks and brokers and 866 470-4200 for all others) is the information agent.
Webster Bank is a wholly owned subsidiary of Webster Financial Corp and is based in Waterbury, Conn.
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