By Paul A. Harris
St. Louis, Mo., April 29 - Western Financial Bank upsized to $300 million from $200 million its offering of subordinated capital debentures due May 15, 2012 (B1/B-) and priced them Monday at 99.518 to yield 9.70%, according to a syndicate source.
The price talk was 9¾%-10%.
Credit Suisse First Boston was the bookrunner. Co-managers were Bear Stearns and RBC.
Proceeds from this registered deal will be used to fund the growth of the Irvine, Calif.-based independent auto finance company's auto lending operations.
Issuer: Western Financial Bank
Amount: $300 million (increased from $200 million)
Maturity: May 15, 2012
Type: Subordinated capital debentures
Bookrunner: Credit Suisse First Boston
Co-managers: Bear Stearns, RBC
Coupon: 9 5/8%
Price: 99.518
Yield: 9.70%
Spread: 459 basis points
Call features: Callable at par on May 15, 2009 and thereafter
Equity clawback: Until May 15, 2005 for 35% at 109.625
Settlement date: May 3, 2002 (T+4)
Ratings: Moody's: B1
| Standard & Poor's: B-
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| CUSIP: | 958202HU0
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