PreferredStockChannel
Bank of America Corp | Floating Rate Non-Cumulative Preferred Stock, Series 1 (BML.PRG)

Prospectus excerpt:  Each of the 25,200,000 depositary shares offered hereby represents a 1/1200th ownership interest in a share of perpetual Floating Rate Non-Cumulative Preferred Stock, Series 1 (˘Series 1 Preferred Stock÷), $30,000 liquidation preference per share, of Merrill Lynch & Co., Inc. (˘ML&Co.÷), deposited with JPMorgan Chase Bank, as depositary. Each depositary share entitles the holder, through the depositary, to all proportional rights and preferences of the Series 1 Preferred Stock represented thereby. The depositary shares are evidenced by depositary receipts.

The Series 1 Preferred Stock is not redeemable prior to November 28, 2009. On and after that date, the Series 1 Preferred Stock will be redeemable at our option, in whole at any time or in part from time to time, at a redemption price equal to $30,000 per share (equivalent to $25 per depositary share), plus declared and unpaid dividends.

Dividends on the Series 1 Preferred Stock, if declared, will be payable quarterly, in arrears, on February 28, May 28, August 28 and November 28 of each year, beginning February 28, 2005, at a floating rate per annum equal to three-month U.S. dollar LIBOR plus 0.75%; but such dividends, if declared, will be payable at a rate of not less than 3.00% per annum. For the first dividend period from and including November 1, 2004 to but excluding February 28, 2005, the per annum rate will be 3.00%. Except for the initial dividend period, ˘Dividend Period÷ means the period from and including each dividend payment date to but excluding the next succeeding dividend payment date.

Dividends on the Series 1 Preferred Stock will not be cumulative. Accordingly, if for any reason our board of directors does not declare a dividend on the Series 1 Preferred Stock for a Dividend Period, we will not pay a dividend for that Dividend Period on the quarterly payment date or at any future time, whether or not our board of directors declares dividends on the Series 1 Preferred Stock for any future Dividend Period. However, with certain exceptions, we may not declare, pay dividends on or redeem or purchase our common stock at any time if we have not declared, paid or set aside for payment full dividends on the Series 1 Preferred Stock for the immediately preceding Dividend Period.

Full Prospectus PDF », BAC Page »

Series:1
Alternate symbology:BML-G, BML-PG, BMLprG
Redeemable?:Yes
Call Date:11/28/2009 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:No
Shares Offered:25,200,000
Overallotment:3,780,000
Liquidation Preference:$25
Recent Market Price:$19.56
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-5.44 (-21.76%)
Annualized Dividend:0.75
Recent Ex-Date:8/12/2022
Current Yield:3.84%
Original Coupon:Floating rate per annum equal to three-month U.S. dollar LIBOR plus 0.75%
Pay Period:Quarterly
Pay Dates:28-Feb, 28-May, 28-Aug, 28-Nov
CDx3 Compliance Rating: Learn BML.PRG's Rating
Bank of America is a bank a financial 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 provides a range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services; and Global Markets, which provides sales and trading services and research services.

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


Open the BAC Information Page »
Name: 
Bank of America Corp
Website: 
www.bankofamerica.com
Sector: 
Banking & Savings
Number of ETFs Holding BAC: 
115 (see which ones)
Total Market Value Held by ETFs: 
$28,307,589,862.53
Total Market Capitalization: 
$272,555,000,000
% of Market Cap. Held by ETFs: 
10.39%

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