Capital One Financial Corp.

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Capital One Bank (USA), National Association Announces Final Results of Subordinated Note Exchange Offer

MCLEAN, Va.--(BUSINESS WIRE)-- Capital One Financial Corporation (NYSE: COF) announced today that its subsidiary, Capital One Bank (USA), National Association (“COBNA”) received the final results of its previously announced offer to exchange any and all of its outstanding 8.80% Subordinated Notes due 2019 (the “Old Notes”) for a combination of new Subordinated Notes due 2023 (the “New Notes”) and cash.

The exchange offer expired at 11:59 p.m., New York City time, on February 20, 2013.

The following table indicates, among other things, the principal amount of the Old Notes validly tendered for exchange as of the final participation date:

CUSIP
Number

        Title of Old Notes        

Principal Amount
Outstanding Following
Final Settlement Date

       

Cumulative Principal
Amount Tendered as of the
Expiration Date

140420 MV9 8.80% Subordinated Notes due 2019 $294,116,000 $1,205,884,000 (80.39%)

In accordance with the terms of the exchange offer, COBNA has accepted or will accept all of the Old Notes that were validly tendered for exchange. COBNA expects final settlement to take place on February 22, 2013.

Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. served as lead dealer managers in connection with the exchange offer. For additional information regarding the terms of the exchange offer, please contact the lead dealer managers: Credit Suisse Securities (USA) LLC at +1 (800) 820 1653 (toll free) or +1 (212) 538 2147 (collect) or Deutsche Bank Securities Inc. at +1 (855) 287 1922 (toll free) or +1 (212) 250 7527 (collect).

This press release is not an offer to sell or a solicitation of an offer to buy any security. The exchange offer is being made solely by a Confidential Offering Circular, dated January 23, 2013, and related letter of transmittal and only to such persons and in such jurisdictions as is permitted under applicable law. In particular, this communication is only addressed to and directed at holders of Old Notes that have certified that such holder (1) is an institutional investor that is an “accredited investor” within the meaning of subparagraph (a)(1), (2), (3) or (7) of Rule 501 of the Securities Act of 1933, as amended (the “Securities Act”), and (2) will hold at all times an undivided beneficial interest in the New Notes in a principal amount not less than $250,000 (such holder, an “Eligible Holder”). COBNA is not required to register the New Notes with the Securities and Exchange Commission under the Securities Act. COBNA is offering and issuing the New Notes pursuant to the terms and regulations issued by the Office of the Comptroller of the Currency and in reliance upon an exemption provided by Section 3(a)(2) of the Securities Act.

This press release contains forward-looking statements which are subject to risks and uncertainties. The forward-looking statements contain words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “will,” “may,” “likely” and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. COBNA undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, whether or not COBNA will ultimately consummate the exchange offer, the satisfaction of the conditions described in the Confidential Offering Circular and market conditions.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $212.5 billion in deposits and $312.9 billion in total assets outstanding as of December 31, 2012. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

About COBNA

Capital One Bank (USA), National Association (www.capitalone.com) is a banking association and a member of the Federal Reserve System. Capital One Bank (USA), National Association currently offers credit and debit card products, other lending products and deposit products. The deposits of Capital One Bank (USA), National Association are insured by the Deposit Insurance Fund of the FDIC up to applicable limits under the Federal Deposit Insurance Act (the “FDIA”). Capital One Bank (USA), National Association is among the largest issuers of Visa® and MasterCard® credit cards in the United States, based on managed credit card loans outstanding.

Capital One Financial Corporation
Investor Relations
Jeff Norris, 703.720.2455
Danielle Dietz, 703.720.2455
or
Media Relations
Julie Rakes, 804.284.5800

Source: Capital One Financial Corporation

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