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Security Details
- Coupon Rate
- 7.80%
- Liquidation Preference
- $25.00
- Call Price
- $25.00
- Call / Redemption Date
- 5/15/2006
- Maturity Date
- 5/15/2031
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 1.95
- Distribution Dates
- 2/15, 5/15, 8/15 & 11/15
- Credit Ratings
- Moody's A1 · S&P BBB+ (9/27/2009)
- Tax-Advantaged (Qualified) Dividends
ⓘ
- No
Security Profile
Security has been called for November 30, 2009.
- CUSIP
- 07384T206
- Market Cap
- Small Cap · $266 Million
- IPO
- 6/5/2001 · $25.00/share
- Parent Company
- JPMorgan Chase & Co. (JPM)
Business: Bear Stearns Capital Trust III, 7.80% Trust Issued Preferred Securities, liquidation amount $25 per share, guaranteed by The Bear Stearns Companies Inc. (NYSE: BSC) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 5/15/2006 at $25 per share plus accrued and unpaid dividends, and maturing 5/15/2031. Distributions of 7.80% ($1.95) per annum are paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on 2/1, 5/1, 8/1 & 11/1 respectively. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 7.80% Junior Subordinated Deferrable Interest Debentures due 5/15/2031 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
Notes: October 30, 2009 -- JPMorgan Chase & Co. today announced that Bear Stearns Capital Trust III (the “Trust”) has called for redemption of all the issued and outstanding shares of 7.80% Trust Issued Preferred Securities, liquidation amount $25.00 per preferred security (the “Preferred Securities”), of the Trust, at a redemption price of $25.00 per Preferred Security, together with accrued and unpaid distributions to the redemption date of November 30, 2009. There are currently 10,500,000 Preferred Securities outstanding. The Preferred Securities trade on the New York Stock Exchange under the symbol “BSC-X” (CUSIP No. 07384T206). ____________ May 31, 2008 -- JPMorgan Chase & Co. (NYSE: JPM) announced today that it has completed its acquisition of The Bear Stearns Companies Inc., effective 11:59 p.m. EDT on May 30, 2008. As a result of the merger, each outstanding share of Bear Stearns common stock was converted into the right to receive 0.21753 shares of JPMorgan Chase common stock. Depositary shares, each representing a one-fourth interest in a share of Bear Stearns preferred stock, will continue to trade on the New York Stock Exchange, and such of Bear Stearns’ debt securities as traded on the New York Stock Exchange or American Stock Exchange immediately prior to the consummation of the merger will continue to trade on those exchanges.
Company Contact
- CEO
- James Dimon
- CFO
- Michael J. Cavanagh
- Headquarters
- 270 Park Avenue, New York, NY 10017
- Phone
- 212-270-6000 · Toll-Free 866-576-3228
- Fax
- 212-752-4823
- Investor Relations
- Julie Bates · 212-270-7318 · JPMCinvestorrelations@jpmchase.com