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COF > SEC Filings for COF > Form 8-K on 12-Jun-2014All Recent SEC Filings

Show all filings for CAPITAL ONE FINANCIAL CORP

Form 8-K for CAPITAL ONE FINANCIAL CORP


12-Jun-2014

Material Modification to Rights of Security Holders, Amendments to Art


Item 3.03. Material Modification to Rights of Security Holders.

On June 12, 2014, Capital One Financial Corporation (the "Company") issued and sold 20,000,000 depositary shares ("Depositary Shares"), each representing a 1/40th interest in a share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C, $0.01 par value, with a liquidation preference of $25 per Depositary Share (equivalent to $1,000 per share of Series C Preferred Stock) (the "Series C Preferred Stock"). The Company filed a Certificate of Designations (the "Certificate of Designations") with the Secretary of State of the State of Delaware, establishing the voting rights, powers, preferences and privileges, and the relative, participating, optional or other rights, and the qualifications, limitations or restrictions thereof, of the Series C Preferred Stock on June 11, 2014. Holders of the Depositary Shares will be entitled to all proportional rights and preferences of the Series C Preferred Stock (including dividend, voting, redemption and liquidation rights).

Under the terms of the Series C Preferred Stock, the ability of the Company to pay dividends on, make distributions with respect to, or to repurchase, redeem or acquire its common stock or any preferred stock ranking on parity with or junior to the Series C Preferred Stock, is subject to restrictions in the event that the Company does not declare and either pay or set aside a sum sufficient for payment of dividends on the Series C Preferred Stock for the immediately preceding dividend period.

The description of the terms of the Series C Preferred Stock is qualified in its entirety by reference to the Certificate of Designations, which is included as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated by reference herein.



Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

The Certificate of Designations became effective upon filing with the Secretary of State of the State of Delaware and it amends the Company's Restated Certificate of Incorporation. The terms of the Series B Preferred Stock are more fully described in Item 3.03 of this Current Report on Form 8-K and the Certificate of Designations which is included as Exhibit 3.1 to this Current Report on Form 8-K, both of which are incorporated by reference herein.



Item 8.01 Other Events

On June 9, 2014, the Company entered into an Underwriting Agreement (the "Underwriting Agreement") with J. P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC, as the representatives of the several underwriters named therein (collectively, the "Underwriters"), pursuant to which the Company agreed to sell to the Underwriters 20,000,000 Depositary Shares, each representing a 1/40th ownership interest in a share of Series C Preferred Stock.

The Underwriting Agreement contains customary representations, warranties and agreements of the Company, conditions to closing, indemnification rights and obligations of the parties, and termination provisions. Under the terms of the Underwriting Agreement, the Company agreed to indemnify the Underwriters against certain specified types of liabilities, including liabilities under the Securities Act of 1933, as amended, and to contribute to payments the Underwriters may be required to make in respect of these liabilities.

The net proceeds of the offering of the 20,000,000 Depositary Shares were approximately $483,740,000, after deducting underwriting commissions and estimated offering expenses. The offering was made pursuant to the prospectus supplement dated June 9, 2014 and the accompanying prospectus dated April 30, 2012, filed with the Securities and Exchange Commission pursuant to the Company's effective registration statement on Form S-3 (File No. 333-181047) (the "Registration Statement"). The following documents are being filed with this Current Report on Form 8-K and are incorporated by reference into the Registration Statement: (a) the Underwriting Agreement, (b) the Certificate of Designations, (c) the Deposit Agreement dated June 12, 2014, between the Company, Computershare Trust Company, N.A., as Depositary, Computershare Inc. and the holders from time to time of the depositary receipts described therein, to which Deposit Agreement the Form of Depositary Receipt is attached as Exhibit A and (d) a validity opinion with respect to the Depositary Shares and the Series C Preferred Stock.




Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
  No.                                Description of Exhibit

 1.1         Underwriting Agreement dated June 9, 2014

 3.1         Certificate of Designations of Fixed Rate Non-Cumulative Perpetual
             Preferred Stock, Series C, dated June 11, 2014

 4.1         Deposit Agreement, dated June 12, 2014

 5.1         Opinion of Gibson, Dunn & Crutcher LLP

23.1         Consent of Gibson, Dunn & Crutcher LLP (included in Exhibit 5.1)


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