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Washington Mutual said that it entered into an agreement to raise $7bn through a sale of stock and convertible notes to TPG Capital and other investors including many of WaMu’s top institutional shareholders.

TPG will purchase $2bn of the securities, which include, in aggregate, 176m shares of common stock priced at $8.75 a share and $5.5bn of convertible notes. The notes convert to 630m shares of common stock at $8.75 a share immediately upon shareholder approval.

In addition, TPG will receive warrants to purchase WaMu’s shares at a price of the 5-day average of the stock price after the transaction closes, which is capped at $10.06 a share, according to people familiar with the deal.

• WaMu press release

7 Apr 2008 -

The feeling's not Mutual