SCHW Issues $1.48B in Series L Preferred Stock

The Charles Schwab Corporation (CSC) completed the issuance and sale of 1,500,000 depositary shares, each representing an interest in its 6.100% fixed-rate reset non-cumulative perpetual preferred stock, Series L. This offering, referred to as the "Preferred Issuance," yielded approximately $1,480 million in net proceeds after accounting for underwriting discounts and estimated expenses. Concurrently, CSC filed a Certificate of Designations to formally establish the voting rights, powers, preferences, and other rights associated with the Series L Preferred Stock.