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Webster to issue 1.94 million shares in exchange for 8.5% convertibles
By Jennifer Chiou
New York, Dec. 18 - Webster Financial Corp. entered into agreements on Dec. 14 through Dec. 16 to issue 1,944,486 common shares in exchange for 27,461 shares of its 8.5% series A non-cumulative perpetual convertible preferred stock, according to an 8-K filing with the Securities and Exchange Commission.
The transactions were to settle on Friday.
After the exchanges, the company said that 28,939 of the preferreds will remain outstanding.
Waterbury, Conn.-based Webster Financial is the holding company for Webster Bank, NA.
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