Pacific Capital Bancorp and Pacific Capital Bank, N.A. Increase Purchase Price and Extend Deadlines for Tender Offers

by Zagros on June 15, 2010

$50 Million of Subordinated Debt Securities Have Been Tendered to Date June 15, 2010 05:58 PM Eastern Daylight Time SANTA BARBARA, Calif.–(EON: Enhanced Online News)–Pacific Capital Bancorp (Nasdaq:PCBC) (the “Company”) and its wholly-owned subsidiary, Pacific Capital Bank, N.A. (the “Bank”), announced today that the Company has increased the purchase price and extended the Company Expiration Date and Company Early Tender Deadline with respect to its previously announced cash tender offers for any and all of its outstanding trust preferred securities (the “Trust Preferred Securities”), and that the Bank has increased the purchase price and extended the Bank Expiration Date and Bank Early Tender Deadline with respect to its previously announced cash tender offers for any and all of its outstanding subordinated debt securities (the “Subordinated Debt Securities”), in each case in the manner described below.
Trust Preferred Securities
The tender offer for each series of Trust Preferred Securities will now expire at 5:00 p.m., New York City time, on June 30, 2010, unless extended or earlier terminated by the Company (the “Company Expiration Date”). In order to be eligible to receive the Company Total Offer Consideration, which has been increased from $200.00 per $1,000 liquidation amount of Trust Preferred Securities to $400.00 per $1,000 liquidation amount of Trust Preferred Securities, holders must now validly tender, and not validly withdraw, their Trust Preferred Securities prior to 5:00 p.m., New York City time, on June 30, 2010, unless extended or earlier terminated by the Company with respect to that series (the “Company Early Tender Deadline”). The Company Expiration Date and the Company Early Tender Deadline initially have been extended to the same time and date; therefore, holders tendering their Trust Preferred Securities prior to 5:00 p.m., New York City time, on June 30, 2010 will receive the Company Total Offer Consideration, subject to the right of the Company to earlier terminate or extend either or both of the Company Expiration Date and the Company Early Tender Deadline to the same or different times or dates. The Company Base Offer Consideration has been increased from $180.00 per $1,000 liquidation amount of Trust Preferred Securities to $360.00 per $1,000 liquidation amount of Trust Preferred Securities. The Company Early Tender Premium has been increased from $20.00 per $1,000 liquidation amount of Trust Preferred Securities to $40.00 per $1,000 liquidation amount of Trust Preferred Securities. Trust Preferred Securities purchased in the tender offers will be paid for on the applicable settlement date for each tender offer, which, assuming the tender offers are not extended or earlier terminated, will be promptly after the applicable Company Expiration Date. The withdrawal deadline of 5:00 p.m., New York City time, on June 11, 2010, has not been extended by the Company for any of the tender offers. Holders will have no right to withdraw any Trust Preferred Securities that are tendered, unless the Company is required by law to provide withdrawal rights, even though the applicable settlement date may not occur for a significant period of time after the date hereof….Read more http://bit.ly/a2TJoa

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Tagged as: 50 Million, Cash Tender, City Time, Debt Securities, Eastern Daylight Time, Expiration Date, Liquidation, Nasdaq, New York City, Online News, Pacific Capital Bancorp, Pacific Capital Bank, Santa Barbara, Subordinated Debt, Subsidiary, Tender Offer, Time And Date, Trust Preferred Securities

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