BURLINGTON, Vt., May 4 /PRNewswire-FirstCall/ -- Chittenden Corporation
(NYSE: CHZ) announced today that, as part of its previously reported debt
redemption and refinancing plan, it is calling for redemption of the
remaining outstanding ($125,000,000 aggregate principal amount) 8.00%
Junior Subordinated Notes due 2032 (the "Junior Subordinated Notes"). The
redemption of the Junior Subordinated Notes will cause the property trustee
of Chittenden Capital Trust I (NYSE: CHZPrA) (the "Trust") to call for
redemption all outstanding ($125,000,000 liquidation amount) 8.00% Trust
Preferred Securities of the Trust. The redemption date will be July 1,
2007. The Trust Preferred Securities called for redemption will be redeemed
at a redemption price equal to the $25 liquidation amount for each of the
Trust Preferred Securities to be redeemed plus accumulated but unpaid
distributions to the redemption date.
Notice of redemption is being sent to the registered holder of the
Trust Preferred Securities. Copies of the notice of redemption may be
obtained from The Bank of New York, the trustee for the Trust, at: The Bank
of New York, Attn: Bondholder Relations/Redemption Unit, 111 Sanders Creek
Parkway, East Syracuse, New York, 13057 (phone: 1-800-254-2826).
The Trust Preferred Securities are held only in book-entry form through
The Depository Trust Company ("DTC"). DTC will redeem the securities in
accordance with its procedures and will notify holders.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any security and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
Chittenden is a bank holding company headquartered in Burlington,
Vermont. Through its subsidiary banks(1), the Company offers a broad range
of financial products and services to customers throughout Northern New
England, Massachusetts and Connecticut, including deposit accounts and
services; commercial and consumer loans; insurance; and investment and
trust services to businesses, individuals, and the public sector.
Chittenden Corporation's news releases, including earnings announcements,
are available on the Company's website.
(1) Chittenden's subsidiaries are Chittenden Trust Company, The Bank of
Western Massachusetts, Flagship Bank and Trust Company, Maine Bank & Trust
Company, and Ocean National Bank. Chittenden Trust Company also operates
under the names Chittenden Bank, Chittenden Services Group, Chittenden
Mortgage Services, and it owns Chittenden Insurance Group, LLC, and
Chittenden Securities, LLC and Chittenden Commercial Finance.
SOURCE Chittenden Corporation
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