Capital One Announces Redemption of $3.65 Billion of Outstanding Trust Preferred Capital Securities

Fri Nov 16, 2012 9:21am EST

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Capital One Announces Redemption of $3.65 Billion of Outstanding Trust Preferred Capital Securities

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.

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