First Midwest Bancorp retires $69M in debt
First Midwest Bancorp exchange offer retires $69M in debt
- On 4:27 pm EDT, Friday September 25, 2009
CHICAGO (AP) -- First Midwest Bancorp Inc. said Friday a debt exchange offer will allow it to retire about $68.8 million in debt and it will issue about 5.6 million shares and record $7 million in after-tax gains.
The company said it has received about $29.5 million in 5.85 percent notes due 2016, or about 29.5 percent of the notes outstanding in exchange for common stock. It also received about $39.3 million, or 31.4 percent, of outstanding 6.95 percent capital securities in exchange for common shares.
The totals were as of midnight Thursday, when the offers expired.
Settlement is expected on Tuesday.
First Midwest operates about 100 banking offices in the Chicago area.
Shares fell 7 cents to close at $9.73 Friday.
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