New York Community Redemption

It calls $50 million in trust preferred securities.
Author:
Publish date:

New York Community Bancorp

(NYB)

, the holding company for

New York Community Bank

and

New York Commercial Bank

, said Monday its wholly owned subsidiary

New York Community Statutory Trust II

will redeem all $50.3 million of its floating rate trust preferred securities on Dec. 28.

The Westbury, N.Y.-based company said that the redemption price for each of the statutory trust II securities will equal the $1,000 liquidation amount, plus all accrued and unpaid distributions per security to the redemption date. All distributions accruing on the statutory trust II securities will cease to accrue effective on the redemption date.

Earlier, the company announced that it will redeem all $36.0 million of its NYCB capital trust I floating rate trust preferred securities and all $35.0 million of its New York Community statutory trust I floating rate trust preferred securities, on Dec. 8 and Dec. 18, respectively.

The company expects to fund the redemption's with proceeds of a new issue of trust preferred securities before the respective redemption dates.

Wilmington Trust, as property trustee of statutory trust II, will notify holders of the statutory trust II securities of the redemption, the company added.

This story was created through a joint venture between TheStreet.com and IRIS.