Firstfed (NYSE:FED)
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FirstFed Financial Corp. (NYSE:FED) (the “Company”) announced today that
it has commenced a cash tender offer to purchase any and all of the
following senior debt securities up to $150 million in aggregate
principal amount: Fixed/Floating Rate Senior Debt Debentures due June
15, 2015 (CUSIP No. 3379079Z4), Fixed/Floating Rate Senior Debt
Debentures due March 15, 2016 (CUSIP No. 337907AB5), and Fixed/Floating
Rate Senior Debt Debentures due June 15, 2017 (CUSIP No. 337907AC3)
(collectively the “notes”).
The Company’s offer to purchase the notes will expire at 5:00 p.m.,
Eastern Standard Time, on Thursday, January 15, 2009 (such time, as may
be extended or earlier terminated, the “Expiration Time”). The total
consideration payable for each $1,000 principal amount of the notes
accepted for payment is $333.33. The Company intends to finance the
purchase of the notes pursuant to the offer from available cash, which
may include proceeds from capital raising transactions.
The Company reserves the right to terminate the offer prior to the
Expiration Time (including if fewer than all of the notes are properly
tendered and not properly withdrawn), to waive on or prior to the
Expiration Time any and all conditions, extend the offer and delay the
Expiration Time, and to amend the terms of the offer. Full details of
the terms and conditions of the offer are included in the Company’s
Offer to Purchase dated December 26, 2008, and the related letter of
transmittal.
Holders are urged to read the Offer to Purchase Persons dated December
26, 2008, and the related letter of transmittal carefully. Holders with
questions regarding the offer or requests for documents should contact
James P. Giraldin, President and Chief Operating Officer of FirstFed
Financial Corp, at (310) 302-1713.
This press release is neither an offer to purchase nor a solicitation of
an offer to sell the notes or any other security. The offer is made only
by the Offer to Purchase dated December 26, 2008, and the related letter
of transmittal. The offer is not being made to holders of the notes in
any jurisdiction in which the making or acceptance thereof would not be
in compliance with the securities, blue sky or other laws of such
jurisdiction. In any jurisdiction in which the offer is required to be
made by a licensed broker or dealer, the offer shall be deemed to be
made on behalf of the Company by a broker or dealer licensed under the
laws of such jurisdiction.
About FirstFed Financial Corp.
FirstFed Financial Corp. is a savings and loan holding company. The
Company owns and operates First Federal Bank of California, a federally
chartered savings association. The Company’s principal executive offices
are located at 12555 W. Jefferson Boulevard, Los Angeles, California
90066, and its telephone number is (310) 302-5600. Information about the
Company, including corporate background and press releases, is available
through the Company’s website at www.firstfedca.com.
Forward-Looking Statements
This press release contains certain forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Act of 1995. These forward-looking statements are subject to
various risks and uncertainties, many of which are beyond the Company’s
control, which could cause actual results to differ materially from such
statements. Such risks and uncertainties include, but are not limited
to, the general business environment, interest rate fluctuations that
may affect operating margin, changes in laws and regulations affecting
the Company’s business, the California real estate market, competitive
conditions in the business and geographic areas in which the Company
conducts its business and regulatory actions, and those risk factors
discussed in Part I, “Item 1A. Risk Factors” of the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2007, as well
as other periodic reports filed with the Securities and Exchange
Commission. Unless legally required, the Company disclaims any
obligation to update any forward-looking statements, whether as a result
of new information, future events or otherwise.