governmentdata divulges 1969 world series showed the david wright shows number of workers filing new claims for joblessbenefits unexpectedly rose last week. [ID:nN25257776] On Wednesday, the S&P/TSX composite index .GSPTSE rose204.21 points, or 2.06 percent, to 10,100.93, after anOrganisation for Economic Co-operation and Development reportsaid the global economic outlook has improved for the firsttime in two years. Here is some news that could affect the market: TECK RESOURCES (TCKb.TO) Canada's Teck Resources (TCKb.TO) expects to reduce copperoutput at its Highland Valley mine by about 16,000 tonnes inthe second half of the year and 52,000 tonnes in 2010, due togeotechnical issues, it said on Thursday.[ID:nLP155866] MAGNA (MGa.TO) Neither the German government nor bankrupt U.S. carmakerGeneral Motors GMGMQ.PK will admit it, but rival suitors forGM's Opel unit are likely just pawns in a high-stakes game ofpoker with favoured bidder Magna.[ID:nL41006436] OIL CLIMBS Oil CLc1 rose above $69 a barrel on Thursday afterNigeria's main militant group shut down one of Royal DutchShell's (RDSa.L) pipeline junction points, heightening concernsabout supplies from the region. [ID:nSP191786] GOLD, BASE METALS Gold rose on Thursday, heading toward $935 per ounce asinvestors found support from the U.S. Federal Reserveindicating that it was in no hurry to raise borrowing costsfrom ultra-low levels [nLP704095] Base metals were mostlylower.
[ID:nLP265704] CANADA'S FLAHERTY Canadian Finance Minister Jim Flaherty said on Wednesday hewas seeing more positive signs than negative ones in thecountry's economy baseball managers . [ID:nN24522320] LABOPHARM INC (DDS.TO) Labopharm Inc said on Thursday it shored up its creditlines with two key lenders, giving it more financialflexibility to advance its drug pipeline david wright jerseys . [ID:nN2525351] CANADA RESEARCH Genuity raises Addax Petroleum AXC.TO price target toC$52.80 from C$40.[ID:nBNG480002] Genuity raises AGF Management (AGFb.TO) to hold from sell;RBC raises AGF price target to C$16 from C$15 and raises tooutperform from sector perform; Dundee raises AGF to buy fromneutral johan santana jerseys . Desjardins raises Sherritt International (S.TO) pricetarget to C$6.95 from C$6.40; keeps buy rating keith hernandez . For moreresearch, please see: [CA-RCH] ($1=$1.16 Canadian) (Reporting by Nina Lex; Editing by Jeffrey Hodgson) Stocks. Webster Announces the Results of Exchange Offer; Convertible Preferred PortionOversubscribedWATERBURY, Conn., June 25 /PRNewswire-FirstCall/ -- Webster FinancialCorporation (NYSE: WBS) today announced the results of its offer to exchangeshares of its Series A Convertible Preferred Stock for shares of Webstercommon stock and cash and to exchange Webster Capital Trust IV Trust PreferredSecurities for shares of Webster common stock. According to information provided by the information agent and exchange agentfor the exchange offer, Global Bondholder Services Corporation, a total of171,257 shares of the convertible preferred stock were validly tendered andnot withdrawn in the exchange offer, representing 76 percent of the 224,900shares outstanding.
Webster offered 35.8046 shares of its common stock and$350.00 in cash for each share of the convertible preferred stock, subject toa maximum aggregate liquidation amount of $168.5 million or 168,500 shares baseball season tickets . As a result of the oversubscription, the 171,257 shares of convertiblepreferred stock validly tendered and not withdrawn will be accepted on apro-rata basis according to the terms of the exchange offer nationals baseball tickets . A total of168,500 shares of convertible preferred stock will be accepted in the exchangeoffer.A total of $63.9 million liquidation amount of the trust preferred securitieswere validly tendered and not withdrawn under the exchange offer, and theentire amount will be accepted, representing 32 percent of the $200 millionliquidation amount of the trust preferred securities currently outstanding.Webster offered 82.0755 shares of its common stock for each $1,000 liquidationamount of the trust preferred securities nationals tickets . In addition, Webster agreed to makea cash payment equal to the accrued distributions due on the trust preferredsecurities from the last payment date to, but not including, the settlementdate of the exchange offer."The successful completion of the exchange offer increases Webster's tier 1common equity to risk-weighted asset ratio by 128 basis points, reducesinterest and dividend expenses by $19.2 million a year, and enhances internalcapital generation," said Webster Chairman and CEO James C Smith david wright . "We arevery pleased with the outcome of this exchange offer."Webster will issue a total of approximately 11.28 million shares of its commonstock under the exchange offer consisting of 6.03 million shares for theconvertible preferred stock and 5.25 million shares for the trust preferredsecurities. Webster will also make a cash payment of approximately $59.0million in connection with the convertible preferred stock. Incremental tier 1common equity of approximately $173 million generated under the exchange offerresults in a pro-forma ratio of Tier 1 common equity to risk-weighted assetsat March 31, 2009 of 6.54 percent compared to the actual ratio of 5.26 percentat that date.The effective cost of issuance of common stock in thistransaction is $14.68 per share compared to tangible book value per share of$13.02 at March 31, 2009.The exchange offer expired at 11:59 p.m., New York City time, on June 24,2009.Settlement of the exchange offer is expected to occur on June 25, 2009.J.P Morgan Securities Inc and Barclays Capital Inc.
acted as Webster'sfinancial advisors in connection with the exchange offer.This press release is neither an offer to exchange nor a solicitation of anoffer to exchange any shares of the convertible preferred stock and trustpreferred securities.Webster Financial Corporation is the holding company for Webster Bank,National Association baseball tickets . With $17.3 billion in assets, Webster provides businessand consumer banking, mortgage, financial planning, trust and investmentservices through 181 banking offices, 492 ATMs, telephone banking and theInternet david wright jerseys . Webster Bank owns the asset-based lending firm Webster BusinessCredit Corporation, the insurance premium finance company Budget InstallmentCorp., Center Capital Corporation, an equipment finance company headquarteredin Farmington, Conn., and provides health savings account trustee andadministrative services through HSA Bank, a division of Webster Bank MemberFDIC and equal housing lender johan santana jerseys . For more information about Webster, includingpast press releases and the latest annual report, visit the Webster investorrelations website at Forward-looking statementsThis press release may contain forward looking statements within the meaningof the Securities Exchange Act of 1934, as amended . Some of these andother factors are discussed in the annual and quarterly reports of WebsterFinancial Corporation previously filed with the Securities and ExchangeCommission. Such developments, or any combination thereof, could have anadverse impact on the company's financial position and results of operations.Except as required by law, Webster does not undertake to update any suchforward looking statements.Media ContactInvestor ContactBob Guenther 203-578-2391Terry Mangan SOURCEWebster Financial CorporationMedia: Bob Guenther, +1-203-578-2391, , or Investors:Terry Mangan, +1-203-578-2318, , both of WebsterFinancial Corporation.
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