PVN Providian Financial

Providian Financial Corporation Announces Convertible Notes Offering SAN FRANCISCO, March 15 /PRNewswire-FirstCall/ -- Providian Financial Corporation announced that it intends to offer $250,000,000 of Senior Accreting Convertible Notes due 2016. Citigroup, Goldman, Sachs & Co. and Morgan Stanley will serve as joint book-running managers and JPMorgan and Deutsche Bank Securities will serve as co-managers. The underwriters will also have an option to purchase up to $37,500,000 additional notes from the Company to cover over-allotments, if any. The notes will be convertible into shares of Providian Financial's common stock upon the achievement of a predetermined stock price or the satisfaction of other conditions. The offering of the notes may be made only by means of a prospectus, a copy of which can be obtained from Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, Brooklyn, NY 11220, Attn: Prospectus Department, from Goldman, Sachs & Co. at 85 Broad Street, New York, NY 10004, or from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, NY 10036, Attn: Prospectus Department. About Providian San Francisco-based Providian Financial (http://www.providian.com/) is a leading provider of credit cards and deposit products to customers throughout the U.S. By combining experience, analysis, technology, and outstanding customer service, Providian seeks to build long-lasting relationships with its customers by providing products and services that meet their evolving financial needs. DATASOURCE: Providian Financial Corporation CONTACT: Alan Elias, Media Relations of Providian Financial Corp., +1-415-278-4189 Web site: http://www.providian.com/

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