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Published on 6/22/2012 in the Prospect News Investment Grade Daily, Prospect News Liability Management Daily and Prospect News Preferred Stock Daily.

Bank of America trusts call trust preferreds for full redemption

By Ashley Montgomery

Kansas City, Kan., June 22 - Bank of America Corp. announced that 11 of its trusts will redeem all of their trust preferred securities on July 25.

Accrued distributions will be included in the redemption price.

BAC Capital Trust X will redeem its $888.4 million 6¼% capital securities at par.

BankAmerica Capital II will redeem its $450 million 8% series 2 cumulative semi-annual income preferred securities at 101.9845.

BankAmerica Institutional Capital A will redeem its $450 million 8.07% series A capital securities at 102.0175.

Fleet Capital Trust II will redeem its $203.28 million 7.92% capital securities at 101.954.

Fleet Capital Trust VIII will redeem its $534 million 7.2% preferred securities at par.

Fleet Capital Trust IX will redeem its $172,525,000 6% preferred securities at par.

MBNA Capital A will redeem its 8.278% series A capital securities at 102.0695.

MBNA Capital D will redeem its $300 million 8.125% series D trust preferred securities at par.

MBNA Capital E will redeem its $200 million 8.1% series E trust originated preferred securities at par.

NB Capital Trust IV will redeem its $426,684,000 8 ¼ % capital securities at 101.92.

Finally, Progress Capital Trust I will redeem $8.75 million 10.5% capital securities at 102.625.


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