Summary
Capital One Financial Corporation (COF) announced on January 31, 2020, its intention to redeem all outstanding shares of its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, and its corresponding Series B Depositary Shares. This action is a significant move for the company, impacting its capital structure and preferred equity holders. The redemption is set to occur on March 2, 2020, with the Series B Depositary Shares being redeemed at a price of $25 per share, which equates to $1,000 per share of the Series B Preferred Stock. All 35,000,000 outstanding Series B Depositary Shares will be retired. Investors holding these securities should note that while regular dividends will be paid on March 2, 2020, all dividend accrual will cease on and after the redemption date.
Key Highlights
- 1Capital One is redeeming all outstanding Series B Preferred Stock and Series B Depositary Shares.
- 2The redemption date is scheduled for March 2, 2020.
- 3The redemption price for Series B Depositary Shares is $25 per share.
- 4This is equivalent to $1,000 per share for the Series B Preferred Stock.
- 5All 35,000,000 outstanding Series B Depositary Shares will be redeemed.
- 6Regular dividends will be paid on March 2, 2020, to shareholders of record as of February 14, 2020.
- 7Dividend accrual will cease on and after the redemption date.