Under the offer, which commenced on March 5, 2003, Glacier offered to deliver 8/10 of a 9-1/16 percent Cumulative Trust Preferred Security
of Glacier Water Trust I for each share of Glacier Common Stock, up to 1,151,750 shares of the Common Stock.
The redemption price for each Trust Preferred Security
Amex:HOO) announced today that it is commencing its previously announced exchange offer to holders of its Common Stock, who may receive eight-tenths of a Glacier Water Trust Preferred Security
(Amex:HOOPRA) for each share of Common Stock accepted for exchange.
Each Trust Preferred Security
has a liquidation value of $25.
During the past thirty days, SNH has issued a total gross amount of new long term capital of $72,178,750: (i) 3,445,000 common shares sold at $13/share; and (ii) 1,095,750 trust preferred securities at $25 per trust preferred security
Each trust preferred security
will be offered at a price of $25.
Home & Garden Trust I, of $55,000,000 liquidation amount non-convertible subordinated debt financing in the form of a trust preferred security
has been priced with a yield of 9.