Bank of America Announces Redemption of Certain Outstanding Depositary Shares
May 14 2018 - 4:10PM
Business Wire
Full Redemption of Outstanding Depositary
Shares Representing Interests in Its 6.625% Non-Cumulative
Preferred Stock, Series I, and Partial Redemption of Outstanding
Depositary Shares Representing Interests in Its 6.204%
Non-Cumulative Preferred Stock, Series D
Bank of America Corporation announced today that it has
submitted redemption notices for all outstanding shares of its
6.625% Non-Cumulative Preferred Stock, Series I (the Series I
Preferred Stock) and the corresponding depositary shares
representing fractional interests in the Series I Preferred Stock
(the Series I Depositary Shares), and for 18,585 shares out of a
total of 26,173.595 shares outstanding of its 6.204% Non-Cumulative
Preferred Stock, Series D (the Series D Preferred Stock), and the
corresponding depositary shares representing fractional interests
in the Series D Preferred Stock (the Series D Depositary
Shares).
The Series I Depositary Shares (NYSE: BAC PrI) (CUSIP No.
060505740), each representing a 1/1,000th interest in one share of
the Series I Preferred Stock, will be redeemed simultaneously with
the redemption of the Series I Preferred Stock, and the Series D
Depositary Shares (NYSE: BAC PrD) (CUSIP No. 060505831), each
representing a 1/1,000th interest in one share of the Series D
Preferred Stock, will be redeemed simultaneously with the
redemption of the Series D Preferred Stock, in each case at a
redemption price of $25 per depositary share.
All 14,583,603 Series I Depositary Shares outstanding will be
redeemed on July 2, 2018 for an aggregate redemption price of
$364,590,075. Also, 18,585,000 Series D Depositary Shares out of a
total of 26,173,595 Series D Depositary Shares outstanding will be
redeemed on June 14, 2018 for an aggregate redemption price of
$464,625,000. Such Series D 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 Series I Depositary Shares
for the full current quarterly dividend period, when declared, will
be paid separately on July 2, 2018 to holders of record on June 15,
2018, in the customary manner. Regular dividends on the outstanding
shares of Series D Depositary Shares for the full current quarterly
dividend period, when declared, will be paid separately on June 14,
2018 to holders of record on May 31, 2018, in the customary manner.
Accordingly, the applicable redemption price of $25 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 D Depositary Shares not
selected for redemption will remain outstanding after the
applicable redemption date and will continue to accrue dividends as
set forth in the certificate of designations governing the Series D
Preferred Stock and the deposit agreement governing the Series D
Depositary Shares, with regular dividends on such shares for the
next quarterly dividend period from and including June 14, 2018 to
but excluding September 14, 2018, if declared, to be paid to
holders of record on August 31, 2018, in the customary manner.
The Series I Depositary Shares and the Series D Depositary
Shares are held through DTC and will be redeemed in accordance with
the procedures of DTC. Payment to DTC for the Series I Depositary
Shares and Series D 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 I Depositary Shares and Series D Depositary
Shares. The address for the redemption agent is as follows:
Computershare Trust Company, N.A.Attn: Corporate Actions250
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 4,400 retail financial centers, approximately 16,000
ATMs, and award-winning digital banking with approximately 36
million active users, including 25 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 across
the United States, its territories 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/20180514006270/en/
Investors May Contact:Lee McEntire, Bank of America,
1.980.388.6780Jonathan G. Blum, Bank of America (Fixed Income),
1.212.449.3112
Reporters May Contact:Lawrence Grayson, Bank of America,
1.704.995.5825lawrence.grayson@bankofamerica.com
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