SEATTLE--(BUSINESS WIRE)--Jan. 3, 2007--Washington Mutual, Inc.
(NYSE:WM) today announced that New American Capital, Inc.'s 2-3/4%
Convertible Cash to Accreting Senior Notes due March 15, 2016 (the
"Notes") will be convertible into shares of Washington Mutual common
stock during the quarter ending March 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 The Bank of New York Trust Company, N.A., as Trustee (the
successor trustee to J.P. Morgan Trust Company, National Association,
Bank One Trust Company, N.A. and The First National Bank of Chicago),
dated March 19, 2004, which was amended by a supplemental indenture by
and among Providian, Washington Mutual, Inc., New American Capital,
Inc., and The Bank of New York Trust Company, N.A. (as successor
trustee) dated as of October 1, 2005 (as so amended, the "Supplemental
The Notes are convertible pursuant to Section 3.01(a)(i) of the
Supplemental Indenture, which provided that the Notes are convertible
if the closing price of Washington Mutual's common stock exceeded
$42.71 per share (the "Market Price Threshold") 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 during
this fiscal quarter (January 1, 2007 until March 31, 2007) at the
conversion rate in effect at the time of conversion.
About Washington Mutual
Washington Mutual, through its subsidiaries, is one of the
nation's leading consumer and small business banks. At September 30,
2006, Washington Mutual and its subsidiaries had assets of $348.88
billion. The company has a history dating back to 1889 and its
subsidiary banks currently operate more than 2,600 consumer and small
business banking stores throughout the nation. Washington Mutual's
press releases are available at http://newsroom.wamu.com.
CONTACT: Washington Mutual, Inc.
Investor Relations Contact
Jack Carsky, 415-278-4977
SOURCE: Washington Mutual, Inc.