Summary
Capital One Financial Corporation (COF) announced on October 22, 2020, its intention to redeem all outstanding shares of its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series F, and the corresponding depositary shares. This redemption is set to occur on December 1, 2020, at a price of $25 per depositary share, which is equivalent to $1,000 per share of preferred stock. This action indicates a move by the company to potentially streamline its capital structure or reduce preferred dividend obligations. Investors holding the Series F Depositary Shares (NYSE: COF PRF) will receive the redemption price on the specified date. Regular dividends will be paid on December 1, 2020, to shareholders of record as of November 16, 2020. After December 1, 2020, all dividends on these preferred shares will cease to accrue. The company has attached the press release detailing this action as an exhibit to its 8-K filing.
Key Highlights
- 1Capital One to redeem all outstanding Series F Preferred Stock and corresponding Depositary Shares.
- 2Redemption date is set for December 1, 2020.
- 3Redemption price is $25 per Series F Depositary Share ($1,000 per share of Series F Preferred Stock).
- 4All 20,000,000 outstanding Series F Depositary Shares will be redeemed.
- 5Regular dividends will be paid on December 1, 2020, to holders of record as of November 16, 2020.
- 6Dividend accrual will cease on and after the redemption date.