PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sat, April 1, 4:58 PM
| This Slide: #501 of 609 |
Slide #501. Bank of America Corporation — Preferred Stock Offering
Company:
Bank of America Corporation (NYSE:BAC)
Date announced:
5/21/2013
Preferred Stock Offering Details:
Bank of America Corporation today announced an underwritten public offering of depositary shares, each representing a 1/25th interest in a share of its Non-Cumulative Perpetual Preferred Stock, Series U, with a liquidation preference of $25,000 per share (equivalent to $1,000 per depositary share). BofA Merrill Lynch will serve as sole book-running manager for the offering. Bank of America intends to use any net proceeds it receives from the sale of the depositary shares to redeem its outstanding 7.25% Non-Cumulative Preferred Stock, Series J, 6.70% Noncumulative Perpetual Preferred Stock, Series 6, and 6.25% Noncumulative Perpetual Preferred Stock, Series 7. The redemption price for each of these preferred stock series will be 100 percent of the liquidation preference per share plus declared and unpaid dividends, as specified in the company's certificate of incorporation. Notice of the redemption for each series, including applicable notice to holders of depositary shares representing fractional interests in the redeemed series of preferred stock, will be sent to holders at a future date in accordance with the company's certificate of incorporation.
Bank of America is a bank holding company. Through its subsidiaries, Co. provides banking, investing, asset management and other financial and risk management products and services. Co.'s segments are: Consumer Banking, which provides credit, banking and investment products and services; Global Wealth and Investment Management, which provides investment management, brokerage, banking and retirement products; Global Banking, which includes lending-related products and services, integrated working capital management and treasury solutions; Global Markets, which provides sales and trading services and research services; and All Other, which includes asset and liability management activities.
Preferreds: BML.PRQ, BML.PRI, BML.PRN, BML.PRG, BML.PRH, CFC.PRA, BAC.PRJ, MER.PRD, MER.PRE, MER.PRF, MER.PRK, MER.PRM, MER.PRP, CFC.PRB, BAC.PRC, BAC.PRD, BAC.PRE, BAC.PRH, BAC.PRI, BAC.PRL, BAC.PRU, BAC.PRV, BAC.PRW, BAC.PRX, BAC.PRY, BAC.PRZ, BML.PRJ, BML.PRL, BML.PRO, BAC.PRA, BAC.PRB, BAC.PRK, BAC.PRM, BAC.PRN
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Avg. Broker Rec.
  
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Buy (2.82 out of 4) 24th percentile
(ranked lower than approx. 76% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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