UPDATE: Popular Completes Repayment of TARP Funds
Popular, Inc. (“Popular”) (NASDAQ: BPOP) announced today that it has completed the repayment of TARP funds to the U.S. Treasury through the repurchase of $935 million of trust capital securities issued to the U.S. Treasury under the TARP Capital Purchase Program. Popular funded the repurchase through a combination of available cash and $400 million from the proceeds of the issuance of its 7.000% Senior Notes due 2019.
“With the repayment of TARP we bring to a close a difficult chapter in our history and we emerge as a stronger and more focused institution. We thank our shareholders, employees and customers for their encouraging support,” said Mr. Richard L. Carrión, Chairman of the Board, President and Chief Executive Officer.
Popular also announced that it has made an offer to the U.S. Treasury to repurchase the outstanding warrant initially issued under the TARP Capital Purchase Program in 2008. The warrant represents the right to purchase 2,093,284 shares of Popular's common stock at an exercise price of $67 per share with an original term of 10 years.
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