Pacific Capital extends tender offers for trust preferreds, debentures

By Angela McDaniels

Tacoma, Wash., June 30 - Pacific Capital Bancorp and Pacific Capital Bank, NA extended the tender offers for their trust preferred securities and subordinated debt securities to 5 p.m. ET on July 26 from June 30.

The early tender deadline was also extended to 5 p.m. ET on July 26 from June 30, meaning all holders who tender will receive an early tender premium.

When the offers began on May 17, they were scheduled to end on June 24 and the early tender deadline was slated for June 11.

The securities eligible for the offers are:

• Pacific Crest Capital Trust I's $13.3 million of floating-rate trust preferreds;

• Pacific Crest Capital Trust II's $6 million of floating-rate trust preferreds;

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

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

• Pacific Capital Bank's $36 million of 9.22% subordinated bank notes due 2011;

• Pacific Capital Bank's $35 million of floating-rate junior subordinated debentures due 2013; and

• Pacific Capital Bank's $50 million of subordinated debentures due 2014.

As of 5 p.m. ET on June 30, holders had tendered all $50 million of the subordinated debentures due 2014 and $18 million, or 50%, of the 9.22% bank notes. The company and the bank had not received tenders from holders of any other trust preferreds or debt securities.

The company is offering $400 per $1,000 of trust preferreds, which includes a $40 early tender premium. Pacific Capital Bank will pay $650 per $1,000 of debt securities, including a $65 early tender premium.

The offers were amended on June 15 to increase the payments. Before the changes, holders would have received $200 per trust preferred and $300 per note. These amounts included early tender premiums of $20 per trust preferred and $30 per note tendered prior to the June 11 deadline.

The tender offers are conditional on 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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