By Wendy Van Sickle
Columbus, Ohio, May 7 – Bank of America Corp. priced $1.2 billion of 6% of non-cumulative preferred stock, series GG, (Ba1/BBB-) at par of $25 on Monday, according to a market source.
The dividend matched talk.
Bank of America Merrill Lynch was the sole bookrunner.
J.P. Morgan, Wells Fargo Securities, Morgan Stanley, RBC Capital Markets, and UBS Investment Bank were also in the syndicate.
The notes will be callable after five years.
Bank of America plans to use the proceeds for general corporate purposes, including, but not limited to, the repurchase or redemption of outstanding preferred securities.
The company intends to list the stock on the New York Stock Exchange under the symbol “BAC PrB.”
Bank of America is a Charlotte, N.C.-based financial services company.
| Issuer: | Bank of America Corp.
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| Issue: | $25-par non-cumulative preferred stock
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| Amount: | $1.2 billion
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| Dividend: | 6%
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| Talk: | 6% area
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| Bookrunner: | Bank of America Merrill Lynch
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| Call option: | Callable after five years
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| Ratings: | Moody’s: Ba1
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| S&P: BBB-
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| Pricing date: | May 7
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