JPMorgan to redeem $1.7 billion series I perpetual preferreds Oct. 30

By Marisa Wong

Morgantown, W.Va., Sept. 27 – JPMorgan Chase & Co. will redeem 169,625 of its 600,000 outstanding shares of fixed-to-floating non-cumulative perpetual preferred stock, series I, on Oct. 30, according to a press release.

The redemption price will be the liquidation preference of $10,000 per share.

The outstanding preferreds are represented by 6 million depositary shares, each representing a one-tenth interest in a series I preferred share. The redemption price for the 1,696,250 corresponding depositary shares will be $1,000 per share.

The redemption will be funded with available cash, according to an 8-K filing with the Securities and Exchange Commission.

Dividends will be paid separately on Oct. 30.

The financial services firm is based in New York.

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