SAN FRANCISCO, May 20 /PRNewswire-FirstCall/ --
Providian Financial Corporation (NYSE: PVN) today announced that it has agreed
to sell $250,000,000 of Convertible Notes due May 15, 2008 through Morgan
Stanley & Co. Incorporated and J.P. Morgan Securities, Inc. as joint book
running managers, and Deutsche Bank Securities, Inc. and Goldman Sachs & Co.
as co-managers. Providian increased the offering from the proposed
$150,000,000 to $250,000,000. Providian may also raise up to an additional
$37,500,000 upon exercise of an overallotment option granted to the
underwriters in connection with the offering.
The Notes will bear interest at the rate of 4.00% per annum and will be
convertible into shares of Providian Financial's common stock upon the
achievement of a predetermined stock price or the satisfaction of other
conditions at the conversion rate of 76.8758 shares of common stock for each
$1,000 principal amount of Notes that are converted (equivalent to a
conversion price of approximately $13.01 per share).
A copy of the prospectus can be obtained from J.P. Morgan Securities Inc.
at One Chase Manhattan Plaza, Room 5B, New York, NY 10081, or from Morgan
Stanley & Co. Incorporated, 1585 Broadway, New York, NY 10016.
About Providian
San Francisco-based Providian Financial is a leading provider of credit
cards and deposit products to customers throughout the United States.
SOURCE Providian Financial Corporation
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Related links:
http://www.providian.com
CONTACT:
Alan Elias, +1-415-278-4189, or Laurel
Munson, 1-415-278-4770, both of Providian Financial Corporation
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