Popular green-lighted to repay TARP funds

|By:, SA News Editor

The catalyst many Popular (BPOP) bulls have been waiting for, the bank announces regulatory approval to repay $935M in TARP bailout money it received. Popular expects to fund the repayment with cash on hand and about a $400M debt issue.

The bank also intends to repurchase all outstanding warrants (2.09M) issued to Treasury giving the government the right to buy Popular common stock at $67 per share.

The stock gained 0.2% in after-hours trade following the announcement.