Washington Mutual, Inc. (NYSE:WM) announced today that an "Exchange
Event” has occurred under the applicable
documents governing the following securities (Securities):
-
Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual
Non-cumulative Preferred Securities, Series A-1 (to be exchanged into
depositary shares representing Series J Perpetual Non-Cumulative Fixed
Rate Preferred Stock of WMI);
-
Washington Mutual Preferred (Cayman) I Ltd. 7.25% Perpetual
Non-cumulative Preferred Securities, Series A-2 (to be exchanged into
depositary shares representing Series J Perpetual Non-Cumulative Fixed
Rate Preferred Stock of WMI);
-
Washington Mutual Preferred Funding Trust I Fixed-to-Floating Rate
Perpetual Non-cumulative Trust Securities (to be exchanged into
depositary shares representing Series I Perpetual Non-Cumulative
Fixed-to-Floating Rate Preferred Stock of WMI);
-
Washington Mutual Preferred Funding Trust II Fixed-to-Floating Rate
Perpetual Non-cumulative Trust Securities (to be exchanged into
depositary shares representing Series L Perpetual Non-Cumulative Fixed
Rate Preferred Stock of WMI);
-
Washington Mutual Preferred Funding Trust III Fixed-to-Floating Rate
Perpetual Non-cumulative Trust Securities (to be exchanged into
depositary shares representing Series M Perpetual Non-Cumulative Fixed
Rate Preferred Stock of WMI); and
-
Washington Mutual Preferred Funding Trust IV Fixed-to-Floating Rate
Perpetual Non-cumulative Trust Securities (to be exchanged into
depositary shares representing Series N Perpetual Non-Cumulative
Fixed-to-Floating Rate Preferred Stock of WMI).
In connection with the Exchange Event, WMI will effect an exchange
(Conditional Exchange) of the Securities into depositary shares
representing a like amount of preferred stock in WMI, as contemplated by
the applicable documents governing the securities.
In accordance with the terms of the documents governing the Securities,
the Conditional Exchange of the Securities will occur on Friday,
September 26, 2008 at 8:00 A.M. New York time. As of the time of the
Conditional Exchange, each outstanding Security will be exchanged
automatically for a like amount of newly issued Fixed Rate Depositary
Shares or newly issued Fixed-to-Floating Rate Depositary Shares, as
applicable, each representing a 1/1000th interest in one share of the
applicable series of preferred stock of WMI.
WMI will mail the notice required under the applicable documents to each
holder of record of Securities within 30 days, and WMI will deliver or
cause to be delivered to each such holder of record depositary receipts
for the Fixed Rate Depositary Shares and Fixed-to-Floating Rate
Depositary Shares upon surrender of the Securities. Until such
depositary receipts are delivered or in the event such depositary
receipts are not delivered, any certificates previously representing
Securities will be deemed for all purposes, effective as of 8:00 AM New
York time on September 26, 2008, to represent Fixed Rate Depositary
Shares or Fixed-to-Floating Rate Depositary Shares, as applicable.
