Capital One Financial Corp. filed a prospectus with the Securities and Exchange Commission on Wednesday to sell up to $1 billion in 7.375% senior notes due 2014.
The McLean, Va., company said it will make the first interest payment on Nov. 23 and said the notes will mature on May 23, 2014.
Capital One said the net proceeds from the offering are expected to be used for general corporate purposes and to repurchase the preferred stock and warrants issued and sold to the Treasury Department under the Troubled Asset Relief Program.
General corporate purposes may include the repayment of debt, acquisitions, additions to working capital, capital expenditures and other investments, the SEC filing said.
Credit Suisse, JPMorgan Chase, Deutsche Bank Securities, Royal Bank of Scotland's RBS Securities, Bank of America's Banc of America Securities LLC, KBW Inc.'s Keefe, Bruyette & Woods and Royal Bank of Canada's RBC Capital Markets were listed as underwriters for the offering.