By Christine Van Dusen
Atlanta, Jan. 22 – Bank of America Corp. released further details on the $1 billion issue of 6.2% non-cumulative perpetual preferred stock, series CC, that priced at par of $25.00 on Thursday.
The issue included 40 million depositary shares, each representing a 1/1,000th interest in a share of non-cumulative preferred stock, according to an FWP filing with the Securities and Exchange Commission.
There is a $100 million over-allotment option.
The preferreds are expected to be listed on the New York Stock Exchange under the symbol "BAC PrC."
The preferreds are callable after five years.
The dividend payment dates will begin on April 29 and take place each Jan. 29, April 29, July 29 and Oct. 29.
BofA Merrill Lynch was the bookrunner. Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Investment Bank and Wells Fargo Securities LLC were the joint lead managers for the SEC-registered deal.
| Issuer: | Bank of America Corp.
|
| Amount: | $1 billion (40 million shares)
|
| Greenshoe: | $100 million (4 million shares)
|
| Maturity: | Perpetual
|
| Description: | Non-cumulative preferred stock, series CC
|
| Bookrunner: | BofA Merrill Lynch
|
| Joint lead managers: | Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Investment Bank, Wells Fargo Securities LLC
|
| Junior co-managers: | CastleOak Securities LP, Lebenthal & Co., Mischler Financial Group, Multi-Bank Securities, Samuel A. Ramirez & Co., Williams Capital Group
|
| Dividend: | 6.2%
|
| Price: | Par of $25.00
|
| Yield: | 6.2%
|
| Call feature: | Callable anytime beginning Jan. 29, 2021
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 29
|
| Expected ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Listing: | NYSE: BAC PrC
|
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