Discover's $575 million perpetual preferreds begin trading on NYSE

By Susanna Moon

Chicago, Oct. 18 - Discover Financial Services, Inc.'s $575 million series B fixed-rate non-cumulative perpetual preferred stock were admitted for trading on the New York Stock Exchange under the symbol "DFS PR B."

As previously reported, the company priced $500 million of the preferreds on Oct. 9, and underwriters exercised the over-allotment option in full on Oct. 16, lifting the deal size by $75 million, or 3 million shares.

The joint bookrunners were Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities LLC.

Each preferred has a liquidation preference of $1,000. The preferreds were issued as $25.00 depositary shares.

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

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