Capital One Announces Redemption of $3.65 Billion of Outstanding Trust Preferred Capital Securities
Capital One Announces Redemption of $3.65 Billion of Outstanding Trust Preferred Capital Securities
MCLEAN, Va.--(BUSINESS WIRE)-- Capital One Financial Corporation (NYS: COF) (the "Company") today announced the redemption of certain trust preferred capital securities (the "Securities"), which will be redeemed on January 2, 2013. Section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mandates that Tier I capital credit for trust preferred securities be phased out over a three-year transition period starting on January 1, 2013.
The following Securities will be redeemed pursuant to redemption provisions relating to the occurrence of a capital treatment event, at a price equal to 100% of the aggregate principal amount of such Securities, plus accrued and unpaid distributions thereon to the date of redemption:
Trust | Security | Amount | CUSIP | ||||||
Capital One Capital III | 7.686% Capital Securities | $650,000,000 | 14042BAA4 | ||||||
Capital One Capital IV | 6.745% Capital Securities | $500,000,000 | 140422AA4 | ||||||
Capital One Capital V | 10.25% Cumulative Trust Preferred Securities | $1,000,000,000 | 14043CAB9 | ||||||
Capital One Capital VI | 8.875% Cumulative Trust Preferred Securities | $1,000,000,000 | 14043DAB7 | ||||||
Coastal Capital Trust II | Floating Rate Preferred Securities | $10,000,000 | 190430AA6 | ||||||
The following Securities will be redeemed pursuant to redemption provisions relating to optional redemption, at a price equal to 100% of the aggregate liquidation amount of such Securities, plus accrued and unpaid distributions thereon to the date of redemption:
Trust | Security | Amount | CUSIP | ||||||
Capital One Capital II | 7.50% Enhanced Trust Preferred Securities | $345,000,000 | 14041L204 | ||||||
The following Securities will be redeemed pursuant to redemption provisions relating to optional redemption, at a price equal to 101.9035% of the aggregate liquidation amount of such Securities, plus accrued and unpaid distributions thereon to the date of redemption:
Trust | Security | Amount | CUSIP | ||||||
North Fork Capital Trust II | 8.00% Capital Trust Pass-Through Securities | $100,000,000 | 659437AA5 | ||||||
The following Securities will be redeemed pursuant to redemption provisions relating to optional redemption, at a price equal to 102.451% of the aggregate liquidation amount of such Securities, plus accrued and unpaid distributions thereon to the date of redemption:
Trust | Security | Amount | CUSIP | ||||||
Reliance Capital Trust I | 8.17% Capital Securities | $45,000,000 | 759454AC5 | ||||||
759454AB7 |
The complete terms and conditions of the redemption are as set forth in a notice to holders of the Securities.
This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy any security of Capital One.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $213.3 billion in deposits and $302.0 billion in total assets outstanding as of September 30, 2012. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. ING DIRECT, a division of Capital One, N.A., offers direct banking products and services to customers nationwide. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
Capital One Financial Corporation
Investor Relations
Jeff Norris, 703-720-2455
or
Media Relations
Julie Rakes, 804-284-5800
or
Tatiana Stead, 703-720-2352
KEYWORDS: United States North America Virginia
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