HomeStreet Inc., the Seattle-based holding company for a savings bank focused on single-family mortgage originations, has further extended tender offers for all of its outstanding trust preferred securities until late February.
The tender offers will be extended until Feb. 25, 2011 unless further extended or terminated. They had previously been slated to expire on Tuesday, Dec. 28, 2010.
HomeStreet is offering to purchase the securities for cash for an amount equal to $200 per $1,000 liquidation amount outstanding. No accrued or unpaid distributions on the securities will be paid, according to the company.
The company also is soliciting consents from the tendering holders of trust preferred securities to amend or remove certain provisions involving their trusts, related guarantees, and indentures for related junior subordinated notes.
The tender offers are conditioned on 100% of the aggregate liquidation amount outstanding of each series of trust-preferred securities being tendered. They also are subject to other conditions, including the completion of a financing transaction by HomeStreet sufficient both to purchase the trust-preferred securities that are validly tendered and to satisfy its other regulatory capital requirements.
The series of trust-preferred securities involved in the tender offers are: HomeStreet Statutory Trust I Fixed/Floating Rate Securities (CUSIP No. HST061535), HomeStreet Statutory Trust II Fixed/Floating Rate Securities (CUSIP No. HST121535), HomeStreet Statutory Trust III Fixed/Floating Rate Securities (CUSIP No. HST031506), and HomeStreet Statutory Trust IV Fixed/Floating Rate Securities (CUSIP No. HST061537).
The dealer manager, information agent and solicitation agent for the tender offers is Hexagon Securities LLC. The depositary is Wilmington Trust Co.
As of December 18, 2009—the date the tender offers commenced—there were approximately $60 million in aggregate liquidation amount of trust-preferred securities outstanding.
