Summary
JPMorgan Chase & Co. (JPM) has announced the redemption of its Series Y Preferred Stock, effective March 1, 2020. This action involves the repayment of 57,200,000 outstanding depositary shares, each representing a 1/400th interest in the 6.125% Non-Cumulative Preferred Stock. The redemption is being executed under the optional redemption provisions outlined in the governing documents for these securities.
Key Highlights
- 1JPM is redeeming all outstanding Series Y Preferred Stock.
- 2The redemption date is March 1, 2020.
- 3A total of 57,200,000 depositary shares are being redeemed.
- 4Each depositary share represents a 1/400th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series Y.
- 5The redemption is an optional call by JPMorgan Chase & Co.
- 6The press release announcing the redemption was issued on January 31, 2020.