Marshall & Ilsley Corporation Announces Successful Remarketing of STACKS(SM) Issued by M&I Capital Trust B
11 August 2007 - 9:50AM
PR Newswire (US)
MILWAUKEE, Aug. 10 /PRNewswire-FirstCall/ -- Marshall & Ilsley
Corporation (NYSE:MI) (M&I) announced today the successful
remarketing of $398.6 million aggregate principal amount of
STACKS(SM) of M&I Capital Trust B that were originally issued
in 2004 as a component of M&I's 6.50% Common SPACES(SM). In
connection with this remarketing, M&I will issue a two-year
senior note in exchange for the outstanding STACKS. Each Common
SPACES initially consisted of (i) a stock purchase contract to
purchase, in accordance with a settlement rate formula, shares of
M&I common stock on August 15, 2007, and (ii) a 1/40, or 2.5%,
undivided beneficial interests in a preferred security, referred to
as STACKS, of M&I Capital Trust B with an initial liquidation
amount of $1,000. As a result of the remarketing, the annual
interest rate on the remarketed STACKS will be reset at 5.626%, the
maturity date will be changed to August 17, 2009, and interest on
the STACKS will be payable semi-annually on February 15 and August
15 of each year. Immediately following completion of the successful
remarketing of the STACKS, M&I will liquidate M&I Capital
Trust B and distribute senior notes to purchasers in the
remarketing in exchange for the STACKS. The senior notes will have
the same interest rate, maturity and payment dates as the
remarketed STACKS. The remarketing is scheduled to close on August
15, 2007, subject to customary conditions. Proceeds of the
remarketing, after deducting the remarketing fee payable to the
remarketing agents, will be used to satisfy the obligations of
holders of the Common SPACES to purchase M&I common stock under
the stock purchase contract, and any proceeds remaining after
satisfaction of the holders' obligations under the stock purchase
contract will be distributed to the holders participating in the
remarketing. On August 15, 2007, upon settlement of each stock
purchase contract, M&I will deliver approximately 0.5767 shares
of common stock for each SPACES unit, or approximately 9,227,200
shares in total. This press release does not constitute an offer to
sell or the solicitation of an offer to buy any securities. The
remarketing will only be made pursuant to a prospectus supplement
and accompanying prospectus which, when finalized, may be obtained
from the remarketing agents at the following addresses: JPMorgan,
270 Park Avenue, New York, New York 10017 or (212) 834-4533, attn:
Grade Syndicate Desk - 8th Floor; and Merrill Lynch & Co., 4
World Financial Center, New York, New York 10080, attn: Prospectus
Department. Marshall & Ilsley Corporation (NYSE:MI) is a
diversified financial services corporation headquartered in
Milwaukee, Wis., with $58.3 billion in assets. Founded in 1847,
M&I Marshall & Ilsley Bank is the largest Wisconsin-based
bank, with 192 offices throughout the state. In addition, M&I
has 48 locations throughout Arizona; 30 offices along Florida's
west coast and in central Florida; 16 offices in Kansas City and
nearby communities; 22 offices in metropolitan Minneapolis/St.
Paul, and one in Duluth, Minn.; three offices in Tulsa, Okla.; and
one office in Las Vegas, Nev. M&I's Southwest Bank subsidiary
has 17 offices in the greater St. Louis area. Metavante
Corporation, a wholly owned subsidiary, provides a full array of
technology products and services for the financial services
industry. On April 3, 2007, Marshall & Ilsley Corporation
announced its plans to split Metavante Corporation and Marshall
& Ilsley Corporation into independent publicly traded
companies. M&I also provides trust and investment management,
equipment leasing, mortgage banking, asset-based lending, financial
planning, investments, and insurance services from offices
throughout the country and on the Internet (http://www.mibank.com/
or http://www.micorp.com/). M&I's customer-based approach,
internal growth, and strategic acquisitions have made M&I a
nationally recognized leader in the financial services industry.
DATASOURCE: Marshall & Ilsley Corporation CONTACT: Gregory A.
Smith, Chief Financial Officer, +1-414-765-7727, or David L. Urban,
Director of Investor Relations, +1-414-765-7853, both of Marshall
& Ilsley Corporation Web site: http://www.mibank.com/
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