U.S. Treasury to conduct bank warrant auction

07:47, February 01, 2011      

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The U.S. Treasury Department announced Monday that it has commenced a secondary public offering of 2,887,500 warrants to purchase the common stock of Boston Private Financial Holdings, Inc.

Treasury said the sale of nearly 2.89 million warrants from the Boston-based bank would take place on Tuesday. The offering was expected to price through a modified Dutch auction. Deutsche Bank Securities Inc. is the sole book-running manager for this offering.

During the auction period, potential bidders for the warrants will be able to place bids at any price (in increments of 0.05 U.S. dollars) at or above the minimum bid price of 1.40 dollars per warrant.

The sale is the latest effort by the U.S. government to recoup the costs of the 700 billion dollars financial bailout. Last week, the government just received 312.2 million dollars from the sale of warrants it held in Citigroup.

Source: Xinhua
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