Summary
JPMorgan Chase & Co. (JPM) announced on November 1, 2019, the redemption of its Series P Preferred Stock. This redemption, scheduled for December 1, 2019, involves all 36,000,000 outstanding depositary shares, each representing a 1/400th interest in the 5.45% Non-Cumulative Preferred Stock, Series P. The company is exercising its optional redemption rights, indicating a strategic decision likely related to interest rate environments or capital structure optimization. This event is primarily of interest to holders of the Series P Preferred Stock, who will receive the liquidation preference of $10,000 per share (per the depositary shares) on December 1, 2019. Investors should review the terms of their specific depositary shares for details on the redemption process and final payment amounts. The company's ability to redeem this preferred stock reflects its strong financial position and flexibility in managing its capital obligations.
Key Highlights
- 1JPM announced the redemption of its 5.45% Non-Cumulative Preferred Stock, Series P.
- 2The redemption date is set for December 1, 2019.
- 3All 36,000,000 outstanding depositary shares of Series P Preferred Stock will be redeemed.
- 4The redemption is being executed under the company's optional redemption provisions.
- 5Each depositary share represents a 1/400th interest in a share of Series P Preferred Stock with a liquidation preference of $10,000.
- 6A press release dated November 1, 2019, contains further details about the redemption.