Summary
Capital One Financial Corporation (COF) announced on October 18, 2021, its intention to redeem all outstanding shares of its Series G and Series H Fixed Rate Non-Cumulative Perpetual Preferred Stock. The redemption is scheduled for December 1, 2021. This action will involve the redemption of all 24,000,000 Series G Depositary Shares and all 20,000,000 Series H Depositary Shares at a price of $25 per depositary share, which is equivalent to $1,000 per share of preferred stock. This redemption suggests a potential optimization of the company's capital structure. Investors holding these preferred shares will receive the stated redemption price, along with any declared dividends up to the redemption date. The cessation of dividend accrual on and after December 1, 2021, signifies the finality of this preferred stock offering from Capital One's balance sheet.
Key Highlights
- 1Capital One to redeem all outstanding Series G and Series H Preferred Stock and associated Depositary Shares.
- 2Redemption date set for December 1, 2021.
- 3Series G Depositary Shares will be redeemed at $25 per share (24,000,000 shares outstanding).
- 4Series H Depositary Shares will be redeemed at $25 per share (20,000,000 shares outstanding).
- 5The redemption price for each series is equivalent to $1,000 per share of preferred stock.
- 6Dividends will be paid separately on December 1, 2021, for dividends declared prior to the redemption date.
- 7Dividend accrual will cease for these preferred stock series on and after December 1, 2021.