JPMorgan Securities Inc. has extended its previously announced tender offer to buy certain auction rate securities from certain investors. The offer will now expire on 12 December 2008, at 5:00 p.m. (EST).
The securities eligible for the tender offer are those purchased by certain individual investors and certain charities and small to medium sized businesses from JPMorgan Securities Inc., Chase Investment Services Corp. and Bear, Stearns & Co. Inc. prior to 12 February 2008 and had an auction fail at least once during the period from June 1, 2008 to 31 August 2008.
All eligible securities that were validly tendered, but not yet accepted for purchase, prior to 5:00 p.m. (EST), on 7 November 2008, have been accepted for payment, with purchases expected to settle on 12 November 2008. As of7 November 2008, JPMorgan Securities Inc.had received valid tenders of approximately $2 billion principal amount and liquidation preference of eligible securities.
Additionally, eligible securities that are validly tendered on or after today and prior to 5:00 p.m., (EST), on 12 December 2008, and that have not been accepted for purchase prior to 5:00 p.m., (EST), on 12 December 2008, will be accepted for payment, with purchases expected to settled on 16 December 2008.
The offer is made pursuant to the terms of the Offer to Purchase dated 2 October 2008 of JPMorgan Securities Inc., as amended and supplemented to reflect this amendment. Except as contemplated by this press release, the terms of the offer for eligible securities held by eligible investors as set forth in the Offer to Purchase remain unchanged.
D.C.