Exhibit 99.2
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STILWELL
FINANCIAL INC.
920 Main Street, 21st Floor
Kansas City, Missouri 64105-2008
NYSE Symbol: SV
NEWS RELEASE
Media Contact: Investor Contacts:
Peggy Landon (816-218-2455) Landon H. Rowland (816-218-2416)
Director of Investor and Chairman, President and
Public Relations Chief Executive Officer
Daniel P. Connealy (816-218-2412)
Vice President and
Chief Financial Officer
Stilwell Financial Retires Zero-Coupon Convertible Notes
FIRM ALSO ANNOUNCES ASSETS UNDER MANAGEMENT
KANSAS CITY, Mo. (May 1, 2002) - Stilwell Financial Inc. (NYSE: SV) will
use existing cash and credit facilities today to retire zero-coupon convertible
notes with an accreted value of approximately $614.5 million.
The terms of the notes allowed the holders to require Stilwell to purchase
all or a portion of their holdings by tendering them to the company by the close
of business on April 30, 2002. The notes that were not tendered and remain
outstanding have an accreted value of approximately $82.5 million. Holders who
did not tender their notes for purchase will receive cash interest payments
equal to approximately four percent of the currently accreted value for each of
the next two years.
"We are pleased with this outcome," said Landon H. Rowland, Stilwell's
chairman, president and chief executive officer. "We were able to achieve a very
low cost of financing for one year, and we now are able to use our cash to
reduce our total debt."
Assets Under Management
Stilwell also reported that assets under management at the close of the
markets on April 30, 2002 totaled approximately $178 billion. For the month
ended April 30, assets under management averaged approximately $185 billion. For
the four months ended April 30, preliminary average assets under management were
approximately $188 billion.
About Stilwell Financial Inc.
Stilwell Financial Inc. is a diversified, global financial services company
with subsidiaries and affiliates operating in North America, Europe and Asia.
Stilwell owns approximately 92 percent of Janus Capital Management LLC, 90
percent of Berger Financial Group LLC, 81 percent of Nelson Money Managers Plc
and 33 percent of DST Systems, Inc. (NYSE: DST).
This press release includes statements concerning potential future events
involving Stilwell Financial Inc. that could differ materially from the events
that actually occur. The differences could be caused by a number of factors
including those factors identified in Stilwell's Annual Report on Form 10-K for
the year ended December 31, 2001 on file with the Securities and Exchange
Commission (Commission file no. 001-15253). Stilwell will not update any
forward-looking statements made in this press release to reflect future events
or developments.
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