Countrywide Financial Corp. filed a registration statement Friday for $4 billion of senior convertible debt it issued in a private placement last May.
The securities were originally sold to "qualified institutional buyers," and the transaction was exempt from registration requirements, but the Calabasas, Calif., mortgage lender agreed to file a shelf registration within 180 days.
Half of the debt pays interest at 3.5 percentage points below the London interbank offered rate, or an initial rate of 1.86%, and will be convertible to common stock at a price of $52.43 per share, subject to adjustment. The other half pays interest at a 2.25 percentage point discount to Libor, or an initial rate of 3.11%, and will be convertible at $58.48 a share.
Countrywide shares were up slightly, at $12.23, in midday trading Friday.