NEW YORK -- Chase Manhattan Corp. said it will redeem all of its 6.75% series B preferred stock and all its 7.60% series C preferred stock on Sept. 24.
The company said there are 260,273 outstanding shares of its series B stock, and 270,096 outstanding shares of its series C stock.
The redemption price is $100 a share plus accrued dividends to the redemption date of $1.33125 a share, or an aggregate of $101.33125.
Chase said the redemption price of the series C preferred stock is $100 a share plus accrued interest of $1.49889 a share, or an aggregate of $101.49889 a share.
The company, which will act as the redemption agent, said total proceeds will be about $54 million.