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JPMorgan announces the redemption of eight trusts' capital securities
By Tali David
Minneapolis, April 8 - JPMorgan Chase & Co. announced that eight of its trusts will redeem all of their outstanding trust preferred capital securities, according to a press release.
The following will be redeemed at par plus accrued distributions on May 8:
• $1 billion of JPMorgan Chase Capital X 7% series J securities;
• $1,075,000,000 of JPMorgan Chase Capital XI 5.85% series K securities;
• $400 million of JPMorgan Chase Capital XII 6.25% series L securities;
• $600 million of JPMorgan Chase Capital XIV 6.2% series N securities;
• $500 million of JPMorgan Chase Capital XVI 6.35% series P securities;
• $562.5 million of JPMorgan Chase Capital XIX 6.8% series S securities;
• $700 million of JPMorgan Chase Capital XXIV series X securities; and
• $100 million of Bank One Capital VI 7.2% preferred securities.
The redemptions will be funded with available cash.
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