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IndyMac Capital Trust I, Warrants & 6% Equity Sec WIRES due 11/14/2031
Ticker Symbol: IDMPQ CUSIP: 456607209 Exchange: OTOTC
Security's Distribution is Suspended!
QUANTUMONLINE.COM SECURITY DESCRIPTION: IndyMac Capital Trust I, Warrants and Income Redeemable Equity Securities (WIRES) Units, which consist of an IndyMac Capital Trust I preferred security and a warrant to purchase 1.5972 shares of IndyMac Bancorp (NYSE: NDE) common stock. The 6% preferred security, stated liquidation amount $50, is subject to remarketing in conjunction with the redemption of the warrants at the issuer's option on or after 11/14/2006, maturing 11/14/2031, distributions are paid quarterly on 2/1, 5/1, 8/1 & 11/1. The warrants allow the holder at any time prior to the maturity date of 9/15/2031 to purchase 1.5972 shares of common stock at an initial exercise price of $34.49 per share, increasing on a daily basis up to $50 per share at the warrant maturity date of 9/15/2031. At the holder's option, the warrants and the preferred securities may be separated and transferred separately. The company has the right, at any time, to defer interest payments on the preferred securities for up to 20 consecutive quarters. See the IPO Prospectus for additional information on the WIRES by using the link provided below.
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Go to Parent Company's Record (IDMC)
Notes: From the company news release dated 5/12/2008 -- "Given our forecast for continued losses in 2008, we need to take all prudent measures to preserve our capital, improve our capital ratios and keep Indymac safe and sound. Therefore, we have made the decision to exercise our contractual rights and defer the interest on our trust preferred securities at the holding company and suspend the dividends on our non-cumulative, perpetual preferred stock at Indymac Bank, as this represents the most efficient and least dilutive means of generating capital in the current environment. The contractual provisions in these preferred securities that allow us to take these actions were clearly put in place for extraordinary times and events such as we are now experiencing, and the presence of these provisions is one reason why these preferred securities are considered 'core' capital for regulatory purposes. Taking these actions will improve our cash flow by $7.4 million per quarter at the holding company, enabling us to contribute more capital to the bank, and preserve capital of $10.6 million per quarter (which also flows directly to earnings) directly at the bank. We view the deferral/suspension of the interest/dividends on the preferred stock issues as temporary, and, once the market stabilizes and Indymac returns to solid profitability, we anticipate resuming the interest/dividend payments and paying the accumulated deferred interest on the holding company trust preferred.
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IPO - 11/13/2001 - 3.50 Million Shares @ $50.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: IMB-
Market Value $159.0 Million
Click for current IDMPQ price quote from the PINK SHEETS
Click for current IDMPQ price quote from the NASDAQ
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 155 North Lake Avenue, Pasadena, CA 91101 |
Main Phone Number |
800-669-2300 |
Fax Number |
626-685-8203 |
Investor Contact (VP Finance)
Pamela Marsh
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800-669-2300
Ext: 8465
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Toll Free Phone Number |
800-669-2300 |
CEO - Michael W. Perry |
CFO - Carmella L. Grahn |
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