Pacific Capital Bancorp tenders for trust preferreds, debt securities

By Devika Patel

Knoxville, Tenn., May 17 - Pacific Capital Bancorp said it has launched cash tender offers for all of its trust preferred securities and subordinated debt securities.

Affected securities include:

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

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

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

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

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

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

• $50 million in subordinated debentures due 2014.

The tender offer will expire at 5 p.m. ET on June 24. The early tender deadline is 5 p.m. ET on June 11.

The company will pay $180 plus a $20 early tender premium per $1,000 in trust preferreds.

It will pay $270 plus a $30 early tender premium per $1,000 in debt securities.

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.

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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