Bank of America’s 6.5% preferreds to list on NYSE on Wednesday

By Stephanie N. Rotondo

Phoenix, Jan. 27 – Bank of America Corp.’s $1 billion of 6.5% series Y noncumulative perpetual preferred stock will begin trading on the New York Stock Exchange on Wednesday, according to a market source.

The deal priced Jan. 20. The ticker symbol will be “BACPY.”

BofA Merrill Lynch was the bookrunner. Joint lead managers included Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC.

The preferreds were issued as depositary shares representing a 1/1,000th interest.

Dividends are payable on a quarterly basis. The Charlotte, N.C.-based bank can redeem the preferreds on or after Jan. 27, 2020 or upon a regulatory capital treatment event at par plus accrued dividends.

Proceeds will be used for general corporate purposes.

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