Advertisement

Business Briefing / Credit Cards

Discover to sell common stock

July 07, 2009|Times Wire Reports

Credit card company Discover Financial Services said it would sell $500 million worth of common stock in a public offering and use the proceeds for investments or to buy back preferred stock issued to the U.S. Treasury under the bank rescue plan.

Riverwoods, Ill.-based Discover's shares tumbled more than 6% in extended trading after the announcement.

Discover said it also planned to offer senior notes soon, depending on market conditions.

Advertisement
Los Angeles Times Articles
|
|
|