Capital One Financial Announces $2B Common Stock Offering

Capital One Financial Corporation COF today announced an underwritten public offering of $2.0 billion of its common stock, which will be subject to the forward sale agreements described below. Barclays Capital, Morgan Stanley, BofA Merrill Lynch and J.P. Morgan are acting as book-running managers for the offering. Capital One intends to use the net proceeds of the offering to fund a portion of its previously announced acquisition of ING Direct. Capital One also intends to grant the underwriters a 30-day option to purchase an additional $300.0 million of common stock from Capital One to cover any over-allotments.