Schwab to redeem series B preferreds with proceeds from new offering

New York, Oct. 25 – Charles Schwab Corp. plans to repay its $485 million of 6% series B non-cumulative preferred stock with proceeds from an offering of new series F fixed-to-floating rate perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

Proceeds will also be used for general corporate purposes.

Charles Schwab is a San Francisco-based company that provides wealth management, securities brokerage, banking, asset management, custody and financial advisory services.

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