Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CAPITAL ONE FINANCIAL CORP | d441281d8k.htm |
Exhibit 99.1
|
Press Release |
| Contacts: | ||||||
| Investor Relations | Media Relations | |||||
| Jeff Norris | Julie Rakes | Tatiana Stead | ||||
| 703.720.2455 | 804.284.5800 | 703.720.2352 | ||||
FOR IMMEDIATE RELEASE: November 16, 2012
Capital One Announces Redemption of $3.65 Billion of Outstanding Trust
Preferred Capital Securities
McLean, Va., (November 16, 2012) – Capital One Financial Corporation (NYSE: 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.
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