Capital One Financial Corporation (NYSE: COF) announced that it will redeem all outstanding shares of its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series G, $0.01 par value per share (“Series G Preferred Stock”), and the corresponding depositary shares representing fractional interests in the Series G Preferred Stock (“Series G Depositary Shares”).
The Series G Depositary Shares (NYSE: COF PRG, CUSIP: 14040H865), each representing a 1/40th interest in a share of Series G Preferred Stock, will be redeemed simultaneously with the redemption of the Series G Preferred Stock at a redemption price of $25 per depositary share (equivalent to $1,000 per share of preferred stock). All 24 million outstanding Series G Depositary Shares will be redeemed on December 1, 2021.
The Company also announced that it will redeem all outstanding shares of its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series H, $0.01 par value per share (“Series H Preferred Stock”), and the corresponding depositary shares representing fractional interests in the Series H Preferred Stock (“Series H Depositary Shares”).
The Series H Depositary Shares (NYSE: COF PRH, CUSIP: 14040H840), each representing a 1/40th interest in a share of Series H Preferred Stock, will be redeemed simultaneously with the redemption of the Series H Preferred Stock at a redemption price of $25 per depositary share (equivalent to $1,000 per share of preferred stock). All 20 million outstanding Series H Depositary Shares will be redeemed on December 1, 2021.
When, as and if the payment of dividends on the outstanding shares of the Series G Preferred Stock and Series H Preferred Stock is declared by the Board of Directors of the Company, or an authorized committee thereof, such dividends will be paid separately on December 1, 2021, to holders of record of such series as of the date specified in such dividend declaration in a customary manner. Accordingly, the redemption price for the Series G Preferred Stock and Series H Preferred Stock will not include any accrued and unpaid dividends. On and after the redemption date, all dividends on the shares of Series G Preferred Stock and Series H Preferred Stock will cease to accrue.
The Series G Depositary Shares and Series H Depositary Shares are held through The Depository Trust Company (“DTC”) and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series G Depositary Shares and Series H Depositary Shares will be made by Computershare Trust Company, N.A., as redemption agent, in accordance with the Deposit Agreement that governs the Series G Depositary Shares or Series H Depositary Shares, respectively. The address for the redemption agent is as follows:
Computershare Trust Company, N.A.
Attn: Corporate Actions
150 Royall St.
Canton, MA 02021
