Doral Financial plans exchange offer for preferreds, convertibles

By Angela McDaniels

Tacoma, Wash., Dec. 22 - Doral Financial Corp. plans to offer shares of its common stock in exchange for four series of its preferred stock, according to an S-4 filing with the Securities and Exchange Commission.

The offer will include the company's:

• $63,341,350 of 7% non-cumulative monthly income preferreds, series A;

• $44,566,525 of 8.35% non-cumulative monthly income preferreds, series B;

• $89,480,050 of 7.25% non-cumulative monthly income preferreds, series C; and

• $218.04 million of 4.75% perpetual cumulative convertible preferreds.

The number of shares of common stock issued in the offer will be subject to a cap.

UBS Investment Bank (888 719-4210 or 203 719-4210) will be the dealer manager for the offer. MacKenzie Partners, Inc. (212 929-5500 or 800 322-2885) will be the information agent and exchange agent.

San Juan, Puerto Rico-based Doral Financial is the holding company for Doral Bank.

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