WaMu starts conditional exchange of preferreds

By Jennifer Chiou

New York, Sept. 26 - Washington Mutual, Inc. announced in a news release Friday the launch of a conditional exchange of some securities, including perpetual non-cumulative preferred securities and trust securities.

The exchange involves the following securities:

• Washington Mutual Preferred (Cayman) I Ltd.'s 7.25% perpetual non-cumulative preferred securities, series A-1, which are to be exchanged into depositary shares representing series J perpetual non-cumulative fixed-rate preferred stock of WaMu;

• Washington Mutual Preferred (Cayman) I's Ltd. 7.25% perpetual non-cumulative preferred securities, series A-2, which are to be exchanged into depositary shares representing series J perpetual non-cumulative fixed-rate preferred stock of WaMu;

• Washington Mutual Preferred Funding Trust I's fixed-to-floating rate perpetual non-cumulative trust securities, which are to be exchanged into depositary shares representing series I perpetual non-cumulative fixed-to-floating rate preferred stock of WaMu;

• Washington Mutual Preferred Funding Trust II's fixed-to-floating rate perpetual non-cumulative trust securities, which are to be exchanged into depositary shares representing series L perpetual non-cumulative fixed-rate preferred stock of WaMu;

• Washington Mutual Preferred Funding Trust III's fixed-to-floating rate perpetual non-cumulative trust securities, which are to be exchanged into depositary shares representing series M perpetual non-cumulative fixed-rate preferred stock of WaMu; and

• Washington Mutual Preferred Funding Trust IV's fixed-to-floating rate perpetual non-cumulative trust securities, which are to be exchanged into depositary shares representing series N perpetual non-cumulative fixed-to-floating rate preferred stock of WaMu.

WaMu noted that it will effect a conditional exchange of the securities into depositary shares representing a like amount of preferred stock in WaMu.

The exchange was to occur on Friday at 8 a.m. ET.

Washington Mutual is a Seattle-based bank group.

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