SEATTLE--(BUSINESS WIRE)--July 3, 2006--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 September 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 (July 1, 2006 until September 30,
2006) at the conversion rate in effect at the time of conversion.
About Washington Mutual
Washington Mutual is one of the nation's leading consumer and
small business banks. At March 31, 2006, Washington Mutual and its
subsidiaries had assets of $348.67 billion. The company was
established in 1889 and currently operates more than 2,600 consumer
and small business banking stores throughout the nation. Washington
Mutual's press releases are available at www.wamunewsroom.com.
CONTACT: Washington Mutual, Inc.
Investor Contact: Jack Carsky, 415-278-4977
SOURCE: Washington Mutual, Inc.