By Wendy Van Sickle
Columbus, Ohio, July 26 – Capital One Financial Corp. priced $425 million of 4.25% series N fixed-rate non-cumulative perpetual preferred stock (Baa3/BB/BB+) at par on Monday, according to an FWP filing with the Securities and Exchange Commission.
BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the bookrunners.
The preferreds have a liquidation preference of $25.00 per depositary share.
The preferreds are redeemable on or after Sept. 1, 2026 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event.
Capital One plans to use the proceeds for general corporate purposes.
Capital One is a McLean, Va.-based financial services holding company.
| Issuer: | Capital One Financial Corp.
|
| Issue: | Series N fixed-rate non-cumulative perpetual preferred stock
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| Amount: | $425 million
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| Maturity: | Perpetual
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| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC
|
| Co-managers: | Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC
|
| Dividend: | 4.25%
|
| Price: | Par of $25.00
|
| Yield: | 4.25%
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| Call: | On or after Sept. 1, 2026 at par; prior to that within 90 days of a regulatory capital event
|
| Trade date: | July 26
|
| Settlement date: | July 29
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| Expected ratings: | Moody’s: Baa3
|
| S&P: BB
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Listing: | NYSE: COFPrN
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