BankAtlantic Bancorp Inc. in Fort Lauderdale, Fla., has given bondholders another month to cash out trust-preferred securities.
The $4.8 billion-asset company announced Tuesday that trust-preferred holders have until 5 p.m. on July 20 to accept an offer of 60 cents on the dollar for the debt. BankAtlantic launched the exchange in January and it was set to expire in February. Every month, though, it has extended the deadline an extra month.
Also, in May BankAtlantic increased the offer from 20 cents on the dollar to its current offer. Still, holders of the bonds appear unmoved and at least one firm, Hildene Capital Management LLC, has said it will hold out for par.
