First Banks seeks to amend documents relating to its 8.15% debentures

By Devika Patel

Knoxville, Tenn., Oct. 18 - First Banks, Inc. reported that it has launched a consent solicitation to amend the indenture and other documents related to the 8.15% subordinated debentures due 2033 it issued to First Preferred Capital Trust IV.

The company is seeking consents from holders of a majority of the preferreds.

In an 8-K filed Monday with the Securities and Exchange Commission, the company said it wants to amend the documents relating to the preferreds in order to increase its capital planning flexibility under the terms of those documents and the provisions of the indentures, guarantee agreements and trust agreements relating to its other tranches of trust preferred securities.

The amendments would provide an opportunity for the company to improve its capital position and decrease its debt levels at a time when it is deferring interest payments.

The solicitation agent is D.F. King & Co., Inc. (212 269-5550 or 800 290-6426).

The holding company for First Bank is based in Clayton, Mo.

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