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JPMorgan to fully redeem $1.8 billion 8.625% series J preferreds
By Toni Weeks
San Luis Obispo, Calif., Aug. 1 - JPMorgan Chase & Co. announced that it will redeem all 180,000 outstanding shares of its 8.625% series J non-cumulative preferred stock on Sept. 1. The redemption will total $1.8 billion.
The series J preferreds are represented by 72 million depositary shares (NYSE: JPM-PrI), with each depositary share representing a 1/400th interest in a share of series J preferred stock.
The redemption price will be $10,000 per preferred, equivalent to $25 per depositary share.
Settlement is expected Sept. 3.
In addition, the final dividend payment date for series J preferreds and depositary shares is Sept. 1, with payment to be made Sept. 3. Holders must be of record as of Aug. 2.
Computershare Inc. is the depositary.
JPMorgan is a New York-based financial services firm.
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