SEATTLE--(BUSINESS WIRE)--Nov. 22, 2005--New American Capital,
Inc. (the "Company"), a wholly owned subsidiary of Washington Mutual,
Inc. (NYSE:WM), announced today the final results of its previously
announced cash tender offer for any and all of its outstanding Zero
Coupon Convertible Notes due February 2021 (the "Notes"). The Notes
were originally issued by Providian Financial Corporation ("Providian
Financial") in February 2001 and were assumed by the Company in
connection with its merger with Providian Financial on October 1,
2005. The indenture governing the Notes required the Company to make
the offer as a result of the change of control of Providian Financial
that resulted from the merger.
The offer for the Notes expired at 5:00 p.m., Eastern time, on
Monday, November 21, 2005. The Company has been advised by J.P. Morgan
Trust Company, National Association, which acted as depositary and
paying agent for the offer, that $817,679,000 aggregate principal
amount at maturity of Notes were validly tendered pursuant to the
terms of the offer and were accepted for payment by the Company at an
aggregate purchase price of $447,334,928.
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
September 30, 2005, Washington Mutual and its subsidiaries had assets
of $333.62 billion. Washington Mutual currently operates more than
2,500 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
Alan Elias, 415-278-4189 (Media)
Jack Carsky, 415-278-4977 (Investor Relations)
SOURCE: Washington Mutual, Inc.