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Fitch Places Central Pacific Financial on Watch Evolving After Potential Capital Raise Announcement
November 27th, 2010
Fitch Ratings has placed the ratings of Central Pacific Financial Corp. (CPF) and its banking subsidiary Central Pacific Bank, on Rating Watch Evolving following the company's announcement of a $325 million capital raising initiative.
The potential equity includes $98 million each from both The Carlyle Group and Anchorage Capital Group. Both private equity firms' investments are contingent however, upon CPF raising an additional $130 million from other sources, an exchange of the U.S. Treasury's Capital Purchase Program (CPP) preferred stock for common stock, and necessary regulatory approvals. The capital infusion is expected to close during the first quarter of 2001...
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Source: Investment Weekly News (2010-11-27)