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WaMu Seals Providian Deal, Boosting Cross-Sell Potential.
Seattle -- Washington Mutual Inc. here has completed its acquisition of credit-card provider Providian Financial in a deal valued at $6.1 billion. For each share of Providian held, the stockholders of that company received 0.4005 shares of Washington Mutual common stock and $2 in cash.
On Oct. 3, the day the deal closed, WaMu closed at $39.12. During the next four days, the stock began slipping, trading at one point as low as $37.76, before rebounding to close at $38.25 on Oct. 7. According to Yahoo! Finance, the 52-week low on WaMu is $37.51. WaMu has touted the deal as an opportunity to expand its cross sales of credit card products.
A subsidiary of Washington Mutual, New American Capital Inc. is conducting a cash-tender offer for three classes of convertible notes issued by Providian. NACI is the corporate structure that actually completed the merger with Providian.
Under the terms of the indenture governing these notes, WaMu is required to make a tender offer to purchase the notes if there is a change of control at Providian.
The offer will be funded out of cash on hand. If all of the notes involved are tendered, it would cost WaMu $957.9 million.
The tender offer covers Providian's Zero Coupon Convertible Notes due 2021, the 4% Convertible Senior Notes due 2008 and the 2.75% Convertible Cash to Accreting Senior Notes due 2016.
WaMu is anticipating the purchase price for the Zero Coupon Notes to be $547.08 per $1,000 principal amount at maturity. If all notes are tendered, WaMu will have to pay out $476.7 million. The offer is ...
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Source: HighBeam Research, WaMu Seals Providian Deal, Boosting Cross-Sell Potential.