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Boston Private buys back $44.5 million convertible trust preferreds
New York, Nov. 30 - Boston Private Financial Holdings, Inc. said it repurchased $44.5 million of the convertible trust preferred securities issued by Boston Private Capital Trust I in 2004 on Nov. 23 and Nov. 24.
The company paid an average of 56% of par for a total of $24.9 million.
The buybacks will result in an after-tax gain of $10.8 million, including transaction fees.
Boston Private said it was taking advantage of the discount at which the securities were trading in the market.
Funding came from liquid assets. The purchases were approved up to $25 million by the U.S. Treasury under the TARP Capital Purchase Program.
Boston Private is a Boston-based financial services company.
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