Pacific Capital Bancorp ups payout, extends tender deadlines for trust preferreds, debt securities

By Jennifer Chiou

New York, June 15 - Pacific Capital Bancorp announced higher payouts as well as the extension of the deadlines in its cash tender offer for all of its trust preferred securities and subordinated debt securities.

Affected securities include the:

• $13.3 million of Pacific Crest Capital Trust I floating-rate preferred securities;

• $6 million of Pacific Crest Capital Trust II floating-rate preferred securities;

• $10 million of Pacific Crest Capital Trust III capital securities;

• $38 million of Pacific Capital Statutory Trust I floating-rate capital securities;

• $36 million of 9.22% subordinated bank notes due 2011;

• $35 million of floating-rate junior subordinated debentures due 2013; and

• $50 million of subordinated debentures due 2014.

The tender offer will now expire at 5 p.m. ET on June 30, extended from June 24. The early tender deadline, which was slated for 5 p.m. ET on June 11, has been prolonged to coincide with the offer deadline.

The offer began on May 17.

The company will now pay $400 per $1,000 of trust preferreds, which includes a $40.00 early payment for anyone tendering their preferreds. It was originally offering $180 plus a $20.00 early tender premium for only those who tendered prior to the June 11 deadline.

Pacific Capital will now pay $650, up from $270 plus a $30.00 early tender premium, per $1,000 of debt securities. All tendering holders will get the $65.00 early tender premium that is included in the $650 total consideration.

The tender offers are conditional upon a $500 million financing from Ford Financial Fund, LP and the company purchasing no less than 70% of the trust preferreds and debt securities. As of 5 p.m. ET on June 15, holders of a total of $50 million of the securities had tendered their investment.

TBC Securities, LLC (703 894-6000) is the dealer manager.

Santa Barbara, Calif.-based Pacific Capital Bancorp is the parent company of Pacific Capital Bank.

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