New York Community Bancorp begins exchange offer for Bonuses units

By Angela McDaniels

Tacoma, Wash., July 29 - New York Community Bancorp, Inc. has begun an offer to exchange shares of its common stock for any and all outstanding units of its $275 million of 6% Bifurcated Option Note Unit Securities due 2051, according to a company news release.

For each Bonuses unit tendered and accepted, the company will issue 2.4953 shares plus a number of shares equal to $10 divided by the daily volume-weighted average price of its common stock during the five consecutive trading days ending on Aug. 21.

The average VWAP and the total number of shares to be issued will be announced on Aug. 24, and the offer will expire at 11:59 p.m. ET on Aug. 25.

The company said that in addition to eliminating the interest expense of the exchanged securities, the offer is expected to strengthen its capital and be immediately accretive to its tangible book value per share.

The information agent is Mellon Investor Services LLC (800 777-3674).

New York Community Bancorp is the bank holding company for New York Community Bank and New York Commercial Bank. It is based in Westbury, N.Y.

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