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Bank of Tokyo-Mitsubishi calls subsidiary's $1 billion preferreds
By Laura Lutz
Des Moines, April 28 - Bank of Tokyo-Mitsubishi UFJ, Ltd. and Mitsubishi UFJ Financial Group, Inc. said that their boards authorized a redemption of all $1 billion of the preferred securities issued by Tokai Preferred Capital Co. LLC, a subsidiary of Bank of Tokyo-Mitsubishi.
They will be redeemed at par on June 30.
The securities to be redeemed are perpetual, noncumulative preferred securities issued on March 26, 1998. Until June 2008, they bear dividends at a fixed rate. After June 2008, dividends would accrue at a stepped-up floating rate.
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