Discover to redeem 6.5% series B preferred stock via issue proceeds

By Sarah Lizee

Olympia, Wash., Oct. 26 – Discover Financial Services intends to redeem its 6.5% series B preferred stock, which is eligible for redemption beginning on Dec. 1, according to a prospectus filed with the Securities and Exchange Commission.

The company said it will use proceeds from a proposed issue of depositary shares, each representing 1/100th of an interest in a series C fixed-to-floating non-cumulative perpetual preferred share.

Proceeds will also be used for advances to the company’s subsidiaries and for debt repayment.

Discover Financial Services is a Riverwoods, Ill.-based direct banking and payment services company.

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