HEWLETT, N.Y. - Anchor Bancorp said it has filed with the Securities and Exchange Commission for $100 million of 8.9375%, 10-year senior notes.
The company said the senior notes will be sold by the Federal Deposit Insurance Corp. as manager of the FSLIC Resolution Fund, the holder of $71 million of the senior notes. The remainder will be sold by Anchor with Smith Barney Shearson Inc. as underwriter.
Anchor said it will use the proceeds from the $29 million of notes for additional capital.
The company said the FDIC received the senior notes on July 9 for $157 million of Anchor's preferred shares. The FDIC also received warrants to purchase 4.75 million common shares for an exercise price of 1 cent a share.
As part of that exchange, the FDIC received some registration rights related to the senior notes and the common shares.