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Bank of America calls series J preferreds, two trust preferred series
By Toni Weeks
San Luis Obispo, Calif., July 2 - Bank of America Corp. has issued a call to redeem its 7.25% series J noncumulative preferred stock and the corresponding depositary shares representing fractional interests in the series J preferred stock, according to a press release.
The 38,052,466 series J depositary shares will be redeemed on Aug. 1 at $25.00 each for a total redemption price of $951,311,650. Each depositary share represents a 1/1000th interest in one share of the series J preferreds.
Declared dividends of $0.453125 per share will be paid separately on Aug. 1 to holders of record on July 15. The dividend is for the quarterly dividend period from and including May 1 to but excluding Aug. 1.
As previously reported, Bank of America will use the net proceeds of its offering of series U non-cumulative perpetual preferred stock to fund the redemption.
Computershare Trust Co., NA is the agent for the series J redemption.
In addition, Bank of America has issued redemption notices to redeem $35.72 million liquidation preference amount outstanding of the fixed/floating-rate noncumulative trust preferred securities of BAC LB Capital Funding Trust I and $27.45 million liquidation preference amount outstanding of the floating-rate noncumulative trust preferred securities of BAC LB Capital Funding Trust II.
The securities will be redeemed at 100% of the liquidation preference amount of the trust preferred securities plus accrued distributions on Aug. 1.
Bank of New York Mellon is the paying agent for the trust preferred securities.
The financial services company is based in Charlotte, N.C.
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