San Juan, PR - November 3, 2003 - Popular, Inc. (the "Corporation")(NASDAQ: BPOP, BPOPO) announced today that it had closed the sale of $300,000,000 of cumulative trust preferred securities. The previously announced offering was increased from $100,000,000 to $300,000,000 due to investor demand. The 6.70% trust preferred securities were sold through a group of underwriters led by Popular Securities, Inc., have a 30 year maturity, qualify as tier 1 capital for the Corporation and are subject to redemption prior to maturity under certain circumstances. Subject to the Corporation's right to defer distributions from time to time, distributions on the trust preferred securities are payable monthly commencing on December 1, 2003.
The net proceeds from the sale of the trust preferred securities will be used to make further investments in the Corporation's Puerto Rico subsidiaries and for other general corporate purposes.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the trust preferred securities. The offering is made only by the prospectus supplement and accompanying prospectus, copies of which may be obtained from Popular Securities, Inc., Suite 1020, San Juan, Puerto Rico, Attention: Investment Banking Department.
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Popular Inc. published this content on 07 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 October 2021 14:46:06 UTC.
Popular, Inc. (Popular) is a financial holding company. The Company operates in two segments: Banco Popular de Puerto Rico (BPPR), which includes its Puerto Rico business, and Banco Popular North America (BPNA), which includes its the United States mainland business. The Company has operations in Puerto Rico, the United States and the Caribbean. The Company's BPPR segment provides retail, mortgage and commercial banking services through its banking subsidiary, Banco Popular de Puerto Rico, as well as auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. The Company's BPNA segment consists of Popular North America, Inc. (PNA) functioning as the holding company for its operations in the United States. It also operates PNA's subsidiary, E-LOAN, Inc. The banking operations of BPNA in the United States mainland are based in New York, Florida and New Jersey, conducted under the name of Popular Community Bank.
POPULAR, INC. 
