Providian Financial Corporation Announces Convertible Notes Offering

Providian Financial Corporation Announces Convertible Notes Offering 


SAN FRANCISCO, March 15  /PRNewswire-FirstCall/ -- Providian Financial
Corporation  announced that it intends to offer $250,000,000 of Senior Accreting
Convertible Notes due 2016.  Citigroup, Goldman, Sachs & Co. and Morgan Stanley
will serve as joint book-running managers and JPMorgan and Deutsche Bank
Securities will serve as co-managers.  The underwriters will also have an option
to purchase up to $37,500,000 additional notes from the Company to cover
over-allotments, if any.  The notes 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.

The offering of the notes may be made only by means of a prospectus, a copy of
which can be obtained from Citigroup Global Markets Inc., Brooklyn Army
Terminal, 140 58th Street, Brooklyn, NY 11220, Attn: Prospectus Department, from
Goldman, Sachs & Co. at 85 Broad Street, New York, NY 10004, or from Morgan
Stanley & Co. Incorporated, 1585 Broadway, New York, NY 10036, Attn: Prospectus
Department.

About Providian

San Francisco-based Providian Financial (http://www.providian.com/) is a leading
provider of credit cards and deposit products to customers throughout the U.S.
By combining experience, analysis, technology, and outstanding customer service,
Providian seeks to build long-lasting relationships with its customers by
providing products and services that meet their evolving financial needs. 

DATASOURCE: Providian Financial Corporation



CONTACT:  Alan Elias, Media Relations of Providian Financial Corp.,

[phone]



Web site:  http://www.providian.com/

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