SEATTLE--(BUSINESS WIRE)--Oct. 3, 2005--Washington Mutual, Inc.
(NYSE:WM) today announced that New American Capital Inc.'s 4%
Convertible Senior Notes due May 15, 2008 (the "Notes") are
convertible into shares of Washington Mutual common stock and cash
during the quarter ended December 31, 2005.
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 will be convertible pursuant to Section 2.01(a)(i) of
the Supplemental Indenture, which provided that the Notes are
convertible if the closing price of Providian's common stock exceeded
$14.31 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 (October 1, 2005 until December 31, 2005)
at the conversion rate in effect at the time of conversion. This
conversion right is in addition to the right of the holders to convert
the Notes until October 16, 2005 as a result of the merger of
Providian with and into New American Capital, Inc.
About Washington Mutual
With a history dating back to 1889, Washington Mutual is a
retailer of financial services that provides a diversified line of
products and services to consumers and commercial clients. At June 30,
2005, Washington Mutual and its subsidiaries had assets of $323.53
billion. Washington Mutual currently operates more than 2,400 retail
banking, mortgage lending, commercial banking and financial services
offices throughout the nation. Washington Mutual's press releases are
available at www.wamunewsroom.com.
CONTACT: Washington Mutual, Inc.
Alan Elias, 415-278-4189
Investor Relations Contact
Jack Carsky, 415-278-4977
SOURCE: Washington Mutual, Inc.