Capital One to redeem series B perpetual preferred stock on March 2

By Marisa Wong

Los Angeles, Jan. 31 – Capital One Financial Corp. will redeem all of its outstanding series B non-cumulative perpetual preferred stock on March 2, according to a news release.

The preferreds are represented by depositary shares. Each depositary share (Cusip: 14040H402) represents a 1/40th interest in a preferred share.

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

All 35 million outstanding series B depositary shares will be redeemed on the March 2 dividend payment date.

Regular dividends on the series B preferreds of $15.00 per share (equivalent to $0.375 per series B depositary share) will be paid separately to holders of record as of the close of business on Feb. 14. 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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