|
Charles Schwab Corp., 6.00% Dep Shares Non-cumul Perp Preferred Stock Series C
Ticker Symbol: SCHW-C* CUSIP: 808513402 Exchange: NYSE
* NOTE: This security is no longer trading as of 6/01/2021
Security has been Called for: Tuesday, June 1, 2021
April 06, 2021 -- The Charles Schwab Corporation (“CSC”) today announced that it will redeem on June 1, 2021, all of the 600,000 outstanding shares of its 6.00% Non-Cumulative Perpetual Preferred Stock, Series C (“Series C Preferred Stock”), and the corresponding 24,000,000 depositary shares (“Depositary Shares”), each representing a 1/40th interest in a share of the Series C Preferred Stock. The Depositary Shares are currently traded on the New York Stock Exchange under the symbol SCHW PrC (CUSIP 808513402). The Depositary Shares will be redeemed at a redemption price of $25.00 per Depositary Share.
|
|
QUANTUMONLINE.COM SECURITY DESCRIPTION: The Charles Schwab Corp., 6.00% Depositary Shares each representing a 1/40th interest in a share of the 6.00% Non-cumulative Perpetual Preferred Stock, Series C, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 12/1/2020 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 6.00% per annum ($1.50 per annum or $0.375 per quarter) will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date that will be the 15th calendar days prior to the payment date or such other record date fixed by the board not more than 30 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-34 of the prospectus for further information). This security was rated as Baa2 by Moody’s and BBB by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
|
Go to Parent Company's Record (SCHW)
IPO - 7/27/2015 - 24.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: CSABP Changed: 8/05/2015
Market Value $600.0 Million
|
Company's Online Information Links
|
| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 3000 Schwab Way, Westlake, TX 76262 |
| Main Phone Number |
817-859-5000 |
| Fax Number |
Not Available |
| Investor Relations
Richard G. Fowler
|
415-667-1841
|
| Toll Free Phone Number |
877-456-0777 |
| CEO - Walter W. Bettinger II |
CFO - Peter Crawford |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|
