Popular Commences Exchange Offer to Issue up to 390 Million Shares of Common Stock in Exchange for Any and All Issued and Outstanding Shares of Its Series A Preferred Stock and Series B Preferred Stock and Issued and Outstanding Trust Preferred Securities

SAN JUAN, Puerto Rico, June 29 /PRNewswire-FirstCall/ -- Popular, Inc. (the "Corporation") (Nasdaq: BPOP) today announced that it has commenced an offer to issue up to 390 million shares of its Common Stock in exchange for its Series A Preferred Stock and Series B Preferred Stock and for the Trust Preferred Securities referred to below (the "Exchange Offer").
In connection with the Exchange Offer, for each share of Series A Preferred Stock, share of Series B Preferred Stock or Trust Preferred Security accepted in accordance with the terms of the Exchange Offer, the Corporation will issue a number of its shares of Common Stock equal to the Exchange Value, set forth in the table below, divided by the "Relevant Price". The "Relevant Price" will be equal to the greater of (1) the average Volume Weighted Average Price, or "VWAP," of a share of our Common Stock during the five-trading day period ending on the second business day immediately preceding the expiration date of the Exchange Offer (which we currently expect to be July 24, 2009, unless the Exchange Offer is extended), determined as described in the preliminary prospectus for the Exchange Offer and (2) the "Minimum Share Price" of $2.50 per share of the Corporation's Common Stock. The expiration date for the Exchange Offer is July 28, 2009, unless the Corporation extends the Exchange Offer or terminates it early.

Source