Providian Financial Corporation Announces the Convertibility of Its 4% Convertible Senior Notes Due May 15, 2008
01 July 2005 - 10:00PM
Business Wire
Providian Financial Corporation (NYSE:PVN) today announced that its
$287.5 million of 4% Convertible Notes due May 15, 2008 (the
"Notes") issued pursuant to a supplemental indenture between the
Company and Bank One Trust Company, N.A., as Trustee, dated May 27,
2003 (the "Supplemental Indenture"), will be convertible pursuant
to section 2.01(a)(i) of the Supplemental Indenture. The
Supplemental Indenture provides that the Notes are convertible if
the closing price of the Company's common stock exceeds $14.31 per
share (110% of the conversion price) for at least 20 trading days
of the 30 consecutive trading day period ending on the last day of
the preceding calendar quarter. Holders of the Notes may convert
the Notes into shares of the Company's common stock during the next
fiscal quarter (July 1, 2005 until September 30, 2005) at the
conversion rate then in effect. About Providian San Francisco-based
Providian Financial is a leading provider of credit cards to
mainstream American customers throughout the U.S. By combining
experience, analysis, technology and outstanding customer service,
Providian seeks to build long-lasting relationships with its
customers by providing products and services that meet their
evolving financial needs. For more information, Investors please
contact Jack Carsky at 415-278-4977. Media, please contact Alan
Elias of Providian Financial Corporation at 415-278-4189.
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