SEATTLE--(BUSINESS WIRE)--Oct. 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 December 31, 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
during a calendar quarter 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 calendar quarter (October 1, 2007
until December 31, 2007) at the conversion rate in effect at the time
About Washington Mutual
WaMu, through its subsidiaries, is one of the nation's leading
consumer and small business banks. At June 30, 2007, WaMu and its
subsidiaries had assets of $312.22 billion. The company has a history
dating back to 1889 and its subsidiary banks currently operate
approximately 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
Glen Simecek, 206-554-0763
SOURCE: Washington Mutual, Inc.