JPMorgan Chase & Co. will redeem 137,000 of the 430,375 outstanding shares of its series I fixed-to-floating rate noncumulative perpetual preferred stock on Oct. 30.
The series I preferred shares are represented by 4,303,750 depositary shares, with each series I depositary share representing a one-tenth interest in a series I preferred share.
The New York-based banking giant will redeem 1,370,000 of the series I depositary shares simultaneously with the redemption of 137,000 series I preferred shares.
The redemption price per share for the series I preferred stock to be redeemed will be $10,000, equivalent to $1,000 per series I depositary share.
The series I depositary shares to be redeemed will be selected by lottery in accordance with the procedures of The Depositary Trust Co.
