Capital One 2007 Annual Report Download - page 133
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111
Note 30
Subsequent Events
COAF Reorganization
On January 1, 2008 COAF and its subsidiaries were reorganized into a new legal structure whereby COAF became a direct operating
subsidiary of CONA. Certain assets of COAF and its subsidiaries remained under the Corporation. In connection with this
reorganization, the outstanding balances in the Capital One Auto Loan Facility I and the Capital One Auto Loan Facility II of $4.2
billion and $127.7 million, respectively, were repaid.
Dividend Increase
On January 31, 2008 the Company announced that its Board of Directors approved an increase in its quarterly dividend per share from
$0.027 to $0.375 payable February 20, 2008 to stockholders of record on February 11, 2008.
Share Repurchase Program
On January 31, 2008 the Companys Board of Directors authorized the repurchase of up to $2.0 billion of the Companys Common
Stock. The repurchased shares will be accounted for as treasury shares and may be used for general corporate purposes. The Company
will execute the share repurchases as warranted by market conditions and the Companys continued internal generation of excess
capital. The Company does not expect to begin to repurchase shares before the second half of the year.
Debt Repurchases
During January and February 2008, the Company repurchased $1.0 billion of certain senior unsubordinated debt, recognizing a gain of
approximately $52.0 million recorded in other non-interest income. The Company initiated the repurchases to take advantage of the
current rate environment and replaced the borrowings with lower-rate unsecured funding.