Charles Schwab to redeem $600 million 6% perpetual preferreds

By Wendy Van Sickle

Columbus, Ohio, April 6 – Charles Schwab Corp. plans to redeem all $600 million, or 600,000 shares, of its outstanding 6% non-cumulative perpetual preferred stock and the corresponding 24 million depository shares (Cusip: 808513402) on June 1, according to a press release.

The depository shares will be redeemed at $25 apiece. The regular quarterly dividend will be paid separately on June 1.

Equiniti Trust Co. is the redemption agent.

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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