SEATTLE--(BUSINESS WIRE)--July 2, 2007--Washington Mutual, Inc.
(NYSE:WM) today announced that New American Capital, Inc.'s 4%
Convertible Notes due May 15, 2008 (the "Notes") will be convertible
into shares of Washington Mutual common stock and cash during the
quarter ending September 30, 2007.
New American Capital, Inc., a wholly-owned subsidiary of
Washington Mutual, Inc., is the successor by merger to Providian
Financial Corporation ("Providian"). The Notes were originally issued
by Providian pursuant to a supplemental indenture between Providian
and Bank One Trust Company, N.A., as Trustee, dated May 27, 2003,
which was amended by a supplemental indenture by and among Providian,
Washington Mutual, Inc., New American Capital, Inc., and J.P. Morgan
Trust Company, National Association (as successor trustee) dated as of
October 1, 2005 (as so amended, the "Supplemental Indenture").
The Notes are convertible pursuant to Section 2.01(a)(i) of the
Supplemental Indenture, which provides that the Notes are convertible
if the closing price of Washington Mutual's common stock exceeded
$31.80 per share (110% of the conversion price) for at least 20
trading days of the 30 consecutive trading day period ending on the
last day of the preceding calendar quarter. Holders of the Notes may
convert the Notes into shares of Washington Mutual common stock and
cash during this fiscal quarter (July 1, 2007 until September 30,
2007) at the conversion rate in effect at the time of conversion.
WaMu, through its subsidiaries, is one of the nation's leading
consumer and small business banks. At March 31, 2007, WaMu and its
subsidiaries had assets of $319.99 billion. The company has a history
dating back to 1889 and its subsidiary banks currently operate nearly
2,700 consumer and small business banking stores throughout the
nation. WaMu's press releases are available at
CONTACT: Washington Mutual, Inc.
Investor Relations Contact
Jack Carsky, 415-278-4977
SOURCE: Washington Mutual, Inc.