Keefe, Bruyette & Woods Comments Hudson City Bancorp Restructuring

According to Keefe, Bruyette & Woods, Hudson City Bancorp HCBK announced after the close that the company has completed a series of restructuring transactions to address its interest rate risk & liquidity position. Keefe, Bruyette & Woods reported that HCBK extinguished $12.5 billion in structured borrowings funded with the sale of $8.66 billion of securities and the addition of $5 billion short-term borrowings, resulting in an after-tax loss of $644mn or $1.30 per share. Revising estimates, target. Hudson City Bancorp closed yesterday at $9.86.