If you purchase capital securities, you will be entitled to receive cumulative cash distributions at the annual rate of 6.20% of the stated liquidation amount of $25 per capital security (the ôliquidation amountö). Distributions will accumulate from September 29, 2004. The issuer will make distribution payments on the capital securities quarterly in arrears, on each January 15, April 15, July 15 and October 15, beginning January 15, 2005, unless those payments are deferred as described below.
The issuer will redeem the capital securities and its common securities on October 15, 2034, the stated maturity date of the subordinated debentures. In addition, if we redeem or repay any subordinated debentures prior to their stated maturity date, the issuer will use the cash it receives to redeem, on a proportionate basis, an equal amount of capital securities and common securities.