Popular debt exchange results in $934M in offers
September 14, 2009
By MoneyAisle
According to Forbes, Puerto Rican bank company Popular, Inc. raised $934.1 million worth of tendered securities after swapping common stock for preferred shares.
The company has recently been hit by increasing amounts of losses due to loans and investments related to mortgages. The move allowed Popular to improve its common equity capital.
CEO Richard L. Carrion stated, “This exchange offer was a difficult decision but necessary given the current state of the economy in the United States and Puerto Rico. The corporation in now well positioned in the event a worse-than-expected business environment materializes in the future.’