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Trust Preferred Securities (Tables)
6 Months Ended
Jun. 30, 2011
Financial Data Pertaining to the Different Trusts

The following table presents financial data pertaining to the different trusts at June 30, 2011, December 31, 2010 and June 30, 2010.

 

(Dollars in thousands)

                              

Issuer

   BanPonce
Trust I
    Popular
Capital Trust I
    Popular
North America
Capital Trust I
    Popular
Capital Trust Il
    Popular
Capital Trust III
 

Capital securities

   $ 52,865     $ 181,063     $ 91,651     $ 101,023     $ 935,000  

Distribution rate

     8.327      6.700      6.564      6.125     
 
 
 
 

 

 
 

5.000%
until, but
excluding
December
5, and

2013

9.000%
thereafter

  
  
  
  
  

  

  
  

Common securities

   $ 1,637     $ 5,601     $ 2,835     $ 3,125     $ 1,000  

Junior subordinated debentures aggregate liquidation amount

   $ 54,502     $ 186,664     $ 94,486     $ 104,148     $ 936,000  

Stated maturity date

    
 
February
2027
  
 
   
 
November
2033
  
 
   
 
September
2034
  
 
   
 
December
2034
  
 
    Perpetual   

Reference notes

     [1],[3],[6]        [2],[4],[5]        [1],[3],[5]        [2],[4],[5]        [2],[4],[7],[8]   

 

[1] Statutory business trust that is wholly-owned by Popular North America (“PNA”) and indirectly wholly-owned by the Corporation.
[2] Statutory business trust that is wholly-owned by the Corporation.
[3] The obligations of PNA under the junior subordinated debentures and its guarantees of the capital securities under the trust are fully and unconditionally guaranteed on a subordinated basis by the Corporation to the extent set forth in the applicable guarantee agreement.
[4] These capital securities are fully and unconditionally guaranteed on a subordinated basis by the Corporation to the extent set forth in the applicable guarantee agreement.
[5] The Corporation has the right, subject to any required prior approval from the Federal Reserve, to redeem after certain dates or upon the occurrence of certain events mentioned below, the junior subordinated debentures at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to the date of redemption. The maturity of the junior subordinated debentures may be shortened at the option of the Corporation prior to their stated maturity dates (i) on or after the stated optional redemption dates stipulated in the agreements, in whole at any time or in part from time to time, or (ii) in whole, but not in part, at any time within 90 days following the occurrence and during the continuation of a tax event, an investment company event or a capital treatment event as set forth in the indentures relating to the capital securities, in each case subject to regulatory approval.
[6] Same as [5] above, except that the investment company event does not apply for early redemption.
[7] The debentures are perpetual and may be redeemed by Popular at any time, subject to the consent of the Board of Governors of the Federal Reserve System.
[8] Carrying value of junior subordinates debentures of $457 million at June 30, 2011 ($936 million aggregate liquidation amount, net of $479 million discount) and $445 million at December 31, 2010 ($936 million aggregate liquidation amount, net of $491 million discount) and $434 million at June 30, 2010 ($936 million aggregate liquidation amount, net of $502 million discount)