For the second time, BankAtlantic Bancorp Inc. in Fort Lauderdale, Fla., has extended an offer to buy its trust-preferred securities back from its holders.
The $4.8 billion-asset company is offering holders of its $230 million in nonpublicly traded trust-preferred securities a total of $46 million in cash, or 20 cents on the dollar.
BankAtlantic launched the offer in January and it was expected to close on Feb. 22. After no shares were tendered for cash, it extended the offer until March 22.
The offer now has been extended to April 21.
Such transactions reduce debt and are designed to make a company more attractive to likely investors as it simplifies the ownership structure.