Penson Announces Preliminary Agreement to Reduce Corporate Debt

Penson Worldwide, Inc. PNSN today announced that it has continued to take major steps forward with its previously announced strategic initiatives to strengthen its balance sheet, increase liquidity and improve performance in the face of challenging industry conditions. The Company announced that entities holding more than a majority of Penson's $281 million parent company long-term funded debt have agreed to a restructuring support agreement providing for the reduction of that debt through an Exchange Offer for new debt and equity securities. The proposed transactions are subject to approval and acceptance of debt holders, among other parties, and other conditions. The Company intends to close the proposed transactions as soon as practicable.