Bay View Capital to redeem portion of 9.76% capital securities

New York, Dec. 1 - Bay View Capital Corp. (Ba1/B-) said it will redeem $63.5418 million of its 9.76% junior subordinated deferrable interest debentures due 2028 and hence its 9.76% cumulative capital securities. The redemption covers about 74% of the outstanding amount.

Bay View Capital, a financial services company based in San Mateo, Calif., said that the redemption date will be Dec. 31. The capital securities will be redeemed at the $25 liquidation amount per security, plus accrued and unpaid distributions up to the redemption date.

By View Capital said that it decided to leave a portion of the capital securities outstanding (about 26% of the total amount) in order to supplement the company's liquidity as it continues to seek the best possible prices for its remaining assets, and in anticipation of paying a year-end dividend on its common stock of around $4 per share.

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