Some good news on Capital One (NYSE:COF):
WASHINGTON — The U.S. Department of the Treasury announced today that it priced a secondary public offering of 12,657,960 warrants to purchase common stock of Capital One Financial Corporation (the “Company”) at $11.75 per warrant. The net proceeds to Treasury from the offering are expected to be approximately $146,500,064.55. These proceeds provide an additional return to the American taxpayer from Treasury’s investment in the Company beyond the dividend payments it received on the related preferred stock.
The warrants have been authorized for listing on the New York Stock Exchange under the symbol “COF WS.”
The closing is expected to occur on or about December 9, 2009, subject to customary closing conditions. The offering was priced through a modified Dutch auction. Deutsche Bank Securities Inc. is the sole book-running manager and Siebert Capital Markets is the co-manager for the offering. This offering represents Treasury's sale of its remaining investment in the Company
The $11.75/warrant is better than the $7.50/warrant reserve, but the best part to me is that this was done in the free less-restricted market.