Capital One to redeem series C, series D preferred stock on Dec. 2

By Angela McDaniels

Tacoma, Wash., Oct. 21 – Capital One Financial Corp. will redeem all of its outstanding series C non-cumulative perpetual preferred stock and series D non-cumulative perpetual preferred stock on Dec. 2, according to a company news release.

The preferreds are represented by depositary shares. Each depositary share represents a 1/40th interest in a preferred.

Holders will receive $25 per depositary share, which is equivalent to $1,000 per preferred.

All 20 million outstanding series C depositary shares and all 20 million outstanding series D depositary shares will be redeemed on the Dec. 2 dividend payment date.

Regular dividends on the series C preferreds of $15.625 per share (equivalent to $0.390625 per series C depositary share) and regular dividends on the series D preferreds of $16.750 per share (equivalent to $0.41875 per series D depositary share) will be paid separately to holders of record as of the close of business on Nov. 15. As a result, the redemption price for the preferreds will not include any accrued dividends.

Capital One is a financial holding company based in McLean, Va.

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