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Schwab to redeem all $485 million 6% series B preferreds on Dec. 1
By Marisa Wong
Morgantown, W.Va., Oct. 31 – Charles Schwab Corp. said it will redeem on Dec. 1 all of the 485,000 outstanding shares of its 6% non-cumulative perpetual preferred stock, series B, and the corresponding 19.4 million depositary shares, each representing a 1/40th interest in a share of the series B preferred stock.
The depositary shares (NYSE: SCHW PrB) will be redeemed at a redemption price of $25.00 per share, according to a press release.
Since the redemption date is also the dividend payment date, the redemption price of $25.00 per depositary share does not include declared and unpaid dividends. Regular quarterly dividends were declared in the amount of $0.375 per share and will be paid separately on Dec. 1 to holders of record as of the close of business on Nov. 16, the company said.
Wells Fargo Bank, NA is the redemption agent.
The company previously announced that it planned to use proceeds from an offering of new series F fixed-to-floating rate perpetual preferred stock to fund the redemption of the series B preferreds.
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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