50% Cumulative Convertible Trust Preferred Securities
(NYSE: F PR S) on March 15, 2011, as a result of Ford's redemption of all of its outstanding 6.
The revised rule addresses supervisory concerns, competitive equity considerations, and the changes in the treatment of trust preferred securities
under generally accepted accounting principles.
The tender offers are conditioned on 100% of the aggregate liquidation amount outstanding of each series of trust preferred securities
being tendered and are subject to the other conditions described in the offer to purchase, 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 requirement for trust preferred securities
to include a call option has been eliminated, and standards for the junior subordinated debt underlying trust preferred securities
eligible for tier 1 capital treatment have been clarified.
Under the proposal, after a three-year transition period, the aggregate amount of trust preferred securities
and certain other capital elements would be limited to 25 percent of tier 1 capital elements, net of goodwill.
The redemption is further subject to the successful completion of the trust preferred securities
The equity credit classification for the securities recognizes their junior subordinated ranking, as these securities rank pari passu with Wachovia Capital Trust III and junior to all senior and subordinated obligations of WB, including the junior subordinated debt associated with WB's other currently outstanding trust preferred securities
The redemption of the trust preferred securities
is being made in connection with the concurrent redemption by the Company of all of its outstanding 9.
For more information on Fitch's approach to rating CDOs of trust preferred securities
, please see the criteria report, 'Rating Criteria for U.
The net proceeds from the sale of the trust preferred securities
will be used by the Corporation to finance its merger with Republic Bancshares of Texas, Inc.
Trust preferred securities
(issued thru various trusts) affirmed at 'A'
NYSE:RSO) (the "Company" or "RCC"), a real estate investment trust focused on originating and investing in commercial real estate secured loans, whole loans, B-notes, mezzanine loans, mortgage-related securities and other real estate related assets and, to a lesser extent, higher-yielding commercial finance assets and asset-backed securities, announced today that it entered into an agreement to issue $25 million of Trust Preferred Securities