Schwab Announces Depositary Shares Offering
March 23 2021 - 7:36AM
Business Wire
The Charles Schwab Corporation today announced an underwritten
public offering of depositary shares, each representing a 1/40th
interest in a share of its Non-Cumulative Perpetual Preferred
Stock, Series J, with a liquidation preference of $1,000 per share
(equivalent to $25 per depositary share). The company intends to
use the net proceeds it receives from the sale of the depositary
shares to redeem all or a portion of the outstanding shares of its
Non-Cumulative Perpetual Preferred Stock, Series C (Series C
Preferred Stock) and the corresponding depositary shares, each
representing an interest in a share of Series C Preferred
Stock.
BofA Securities, Inc., Credit Suisse Securities (USA) LLC, J.P.
Morgan Securities LLC, Morgan Stanley & Co. LLC, and Wells
Fargo Securities, LLC are serving as the joint book-running
managers of this offering.
The offering will be made pursuant to the company’s effective
registration statement, including a prospectus and a related
preliminary prospectus supplement, filed with the Securities and
Exchange Commission. Before investing, investors should read the
prospectus in that registration statement, the related preliminary
prospectus supplement and other documents the company has filed
with the Securities and Exchange Commission, for more complete
information about the company and the offering. The offering is
being made solely by means of a prospectus and related prospectus
supplement, copies of which may be obtained for free by visiting
the SEC’s website at www.sec.gov or by contacting one of the joint
book-running managers using the information provided below. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy securities and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful. Additionally, this
announcement does not constitute a notice of redemption with
respect to the Series C Preferred Stock and the related depositary
shares.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services. Through its operating subsidiaries,
the company provides a full range of wealth management, securities
brokerage, banking, asset management, custody, and financial
advisory services to individual investors and independent
investment advisors.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. These forward-looking
statements include statements regarding the company’s intended
offering of depositary shares and the intended use of proceeds of
the offering. These forward-looking statements are subject to risks
and uncertainties, including: demand for depositary shares and the
pricing of the depositary shares that are sold, if any; and other
risks disclosed in the registration statement on Form S-3 filed
with the Securities and Exchange Commission on December 4, 2020 and
in the company’s Annual Report on Form 10-K for the year ended
December 31, 2020.
Joint Book-Running Managers Contact Information
- BofA Securities, Inc., NC1-004-03-43, 200 North College Street,
3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department or
email at dg.prospectus_requests@bofa.com
- Credit Suisse Securities (USA) LLC, Attn: Prospectus
Department, 6933 Louis Stephens Drive, Morrisville, NC 27560,
United States; tel: 1-800-221-1037, e-mail:
usa.prospectus@credit-suisse.com
- J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY
10179, Attn – Investment Grade Syndicate Desk or telephone at
1-212-834-4533
- Morgan Stanley & Co., LLC, 180 Varick Street, New York, NY
10014, Attention: Prospectus Department or telephone at (866)
718-1649 or e-mail at prospectus@morganstanley.com
- Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attn: WFS Customer Service or telephone
toll-free at 1-800-645-3751 or email at
wfscustomerservice@wellsfargo.com
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version on businesswire.com: https://www.businesswire.com/news/home/20210323005692/en/
MEDIA Mayura Hooper Charles Schwab Phone:
415-667-1525
INVESTORS/ANALYSTS Jeff Edwards Charles Schwab Phone:
415-667-1524
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