Charles Schwab seeks consents to revise 6.375% senior notes due 2017

By Devika Patel

Knoxville, Tenn., Dec. 17 - Charles Schwab Corp. said it is seeking consents from holders of record as of 5 p.m. ET on Dec. 16 to amend its 6.375% senior notes due 2017.

The company launched the consent solicitation in order to terminate the replacement capital covenant that was granted to noteholders in October 2007 in connection with the company's issue of fixed-to-floating-rate junior subordinated notes due 2067 and the corresponding fixed-to-floating-rate trust preferred securities.

The amendment requires the consent of the holders of a majority of the notes.

The consent solicitation will expire at 5 p.m. ET on Dec. 28.

The company will pay a $5 consent fee for each $1,000 of notes to holders to consent.

Citi (800 558-3745 or 212 723-6106) is the solicitation agent. Global Bondholder Services Corp. (866 795-2200) is the information and tabulation agent.

The brokerage and financial services company is based in San Francisco.

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