Summary
Capital One Financial Corporation (COF) has announced its intention to redeem all outstanding shares of its 6.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series P, and its corresponding depositary shares. This action is expected to occur on June 30, 2025, at a redemption price of $1,000 per depositary share. This move suggests Capital One is likely optimizing its capital structure, potentially by replacing this series of preferred stock with instruments carrying a lower cost of capital or by reducing its overall preferred equity. Investors holding these Series P Depositary Shares will receive the redemption price plus accrued, undeclared dividends up to the redemption date.
Key Highlights
- 1Capital One is redeeming all outstanding Series P Preferred Stock and Series P Depositary Shares.
- 2The redemption date is set for June 30, 2025.
- 3The redemption price for each Series P Depositary Share is $1,000.
- 4Investors will also receive any accrued but undeclared dividends up to the redemption date.
- 5This action affects all 500,000 outstanding Series P Depositary Shares.
- 6The company issued a press release on June 25, 2025, announcing the redemption.