SEATTLE, Apr 03, 2006 (BUSINESS WIRE) -- 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 ended June 30, 2006.
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 provided 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 (April 1, 2006 until June 30, 2006) at
the conversion rate in effect at the time of conversion.
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 December
31, 2005, Washington Mutual and its subsidiaries had assets of $343.12
billion. Washington Mutual currently operates more than 2,600 retail
banking, mortgage lending, commercial banking, and financial services
offices throughout the nation. Washington Mutual's press releases are
available at www.wamunewsroom.com.
SOURCE: Washington Mutual, Inc.
Washington Mutual, Inc.
Media Contact: Alan Elias,
Investor Contact: Jack Carsky,