Bank of America Announces Redemption of Certain Outstanding Depositary Shares
March 28 2018 - 4:10PM
Business Wire
Full Redemption of Outstanding Depositary
Shares Representing Interests in Its Fixed-to-Floating Rate
Non-Cumulative Preferred Stock, Series M, and Partial Redemption of
Outstanding Depositary Shares Representing Interests in Its
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K
Bank of America Corporation announced today that it has
submitted redemption notices for all outstanding shares of its
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series M
(the Series M Preferred Stock) and the corresponding depositary
shares representing fractional interests in the Series M Preferred
Stock (the Series M Depositary Shares), and for 41,997 shares out
of a total of 61,772.28 shares outstanding of its Fixed-to-Floating
Rate Non-Cumulative Preferred Stock, Series K (the Series K
Preferred Stock), and the corresponding depositary shares
representing fractional interests in the Series K Preferred Stock
(the Series K Depositary Shares).
The Series M Depositary Shares (CUSIP No. 060505DT8), each
representing a 1/25 interest in one share of the Series M Preferred
Stock, will be redeemed simultaneously with the redemption of the
Series M Preferred Stock, and the Series K Depositary Shares (CUSIP
No. 060505DR2), each representing a 1/25 interest in one share of
the Series K Preferred Stock, will be redeemed simultaneously with
the redemption of the Series K Preferred Stock, in each case at a
redemption price of $1,000 per depositary share.
All 1,309,961 Series M Depositary Shares outstanding will be
redeemed on May 15, 2018 for an aggregate redemption price of
$1,309,961,000. Also, 1,049,925 Series K Depositary Shares out of a
total of 1,544,307 Series K Depositary Shares outstanding will be
redeemed on April 30, 2018 for an aggregate redemption price of
$1,049,925,000, and such Series K Depositary Shares to be redeemed
will be selected by lottery in accordance with the applicable
procedures of The Depository Trust Company (DTC).
Regular dividends on the outstanding shares of Series M
Depositary Shares for the full semi-annual dividend period from and
including November 15, 2017 to but excluding May 15, 2018, when
declared, will be paid separately on May 15, 2018 to holders of
record on April 30, 2018, in the customary manner. Regular
dividends on the outstanding shares of Series K Depositary Shares
for the full quarterly dividend period from and including January
30, 2018 to but excluding April 30, 2018, when declared, will be
paid separately on April 30, 2018 to holders of record on April 15,
2018, in the customary manner. Accordingly, the applicable
redemption price of $1,000 per depositary share does not include
any declared and unpaid dividends, and dividends on the redeemed
depositary shares will cease to accrue on the applicable redemption
date.
The Series M Depositary Shares and the Series K Depositary
Shares are held through DTC and will be redeemed in accordance with
the procedures of DTC. Payment to DTC for the Series M Depositary
Shares and Series K Depositary Shares will be made by Computershare
Inc. and Computershare Trust Company, N.A., collectively as
redemption agent, in accordance with the Deposit Agreements
governing the Series M Depositary Shares and Series K Depositary
Shares. The address for the redemption agent is as follows:
Computershare Trust Company,
N.A. Attn: Corporate Actions 250 Royall St. Canton, MA 02021
Bank of America has received all necessary approvals for these
redemptions.
Bank of AmericaBank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
47 million consumer and small business relationships with
approximately 4,500 retail financial centers, approximately 16,000
ATMs, and award-winning digital banking with approximately 35
million active users, including approximately 24 million mobile
users. Bank of America is a global leader in wealth management,
corporate and investment banking and trading across a broad range
of asset classes, serving corporations, governments, institutions
and individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
owners through a suite of innovative, easy-to-use online products
and services. The company serves clients through operations in all
50 states, the District of Columbia, the U.S. Virgin Islands,
Puerto Rico and more than 35 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.
Forward-looking statementsCertain information contained in this
news release may constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements are not guarantees of future results or
performance and involve certain risks, uncertainties and
assumptions difficult to predict or beyond our control. You should
not place undue reliance on any forward-looking statement and
should consider the uncertainties and risks discussed in our 2017
Annual Report on Form 10-K and subsequent Securities and Exchange
Commission filings. Forward-looking statements speak only as of the
date they are made, and we undertake no obligation to update any
forward-looking statement to reflect the impact of circumstances or
events that arise after the date the forward-looking statement was
made.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20180328005985/en/
Investors May Contact:Lee McEntire, Bank of America,
1.980.388.6780Jonathan G. Blum, Bank of America (Fixed Income),
1.212.449.3112Reporters May Contact:Jerry Dubrowski, Bank of
America, 1.646.855.1195jerome.f.dubrowski@bankofamerica.com
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