Countrywide Commences Tender Offer for Series B Floating Rate Convertible Senior Debentures
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CALABASAS, Calif., Oct. 20 /PRNewswire/ -- Countrywide Financial Corporation today has commenced a cash tender offer for its Series B Floating Rate Convertible Senior Debentures due 2037 (CUSIP Nos. 222372AM6 and 222372AP9).
Approximately $2 billion in aggregate principal amount of the debentures are currently outstanding. Terms and conditions of the tender offer are set in an offer to purchase for cash and related letter of transmittal, both dated October 20, 2008.
Holders who tender debentures by 5 p.m. EST on December 3, 2008, unless such time is extended, will be entitled to receive $980 in cash for each $1,000 principal amount of the debentures accepted for payment and purchased in the tender offer, plus accrued and unpaid interest from the last applicable interest payment date to, but excluding, the date of payment. Countrywide will accept and pay the purchase price for validly tendered debentures on a rolling basis as described in the tender offer.
A tender of debentures pursuant to the tender offer becomes irrevocable by the tendering holder at the time of the tender and there are no withdrawal rights with respect to the tender offer. The tender offer is not contingent upon the tender of any minimum principal amount of debentures or any other conditions.
This press release does not constitute an offer to buy or the solicitation of an offer to sell any of the debentures as described. The tender offer is being made only pursuant to the offer to purchase and related letter of transmittal dated October 20, 2008. None of Countrywide, its management or board of directors, the dealer manager, the information agent, the depositary or their respective affiliates makes any recommendation to any holder of debentures as to whether to tender or refrain from tendering debentures, and no one has been authorized by Countrywide to make such recommendation.
Countrywide has retained Banc of America Securities LLC to serve as the exclusive dealer manager for the tender offer and Global Bondholder Services Corporation to serve as the information agent and depositary.
Requests for documents may be directed to Global Bondholder Services Corporation by telephone at 866.952.2200. Questions regarding the tender offer may be directed to Banc of America Securities LLC at 888.292.0070 or 704.388.4603.
Forward Looking Statements
This press release contains forward looking statements within the meaning of the federal securities laws. These forward looking statements are based upon Countrywide's present expectations, but these statements and the implications of theses statements are not guaranteed. Investors should not place undue reliance upon forward looking statements.
SOURCE Bank of America