This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bank Of America Announces Redemption Of All Outstanding Depositary Shares Representing Interests In Its 7.25% Non-Cumulative Preferred Stock, Series J

Stocks in this article: BAC

Bank of America Corporation announced today that it has submitted redemption notices for its 7.25% Non-Cumulative Preferred Stock, Series J (the Series J Preferred Stock), and the corresponding depositary shares representing fractional interests in the Series J Preferred Stock (the Series J Depositary Shares).

As previously announced on May 21, 2013, the company intends to use the net proceeds of its offering of Non-Cumulative Perpetual Preferred Stock, Series U, to fund this redemption.

The Series J Depositary Shares (NYSE: BAC.PrJ) (CUSIP No. 060505724), each representing a 1/1000 th interest in one share of the Series J Preferred Stock (CUSIP No. 060505716), will be redeemed at a redemption price of $25 per depositary share. All 38,052,466 Series J Depositary Shares currently outstanding will be redeemed on August 1, 2013 for an aggregate redemption price of $951,311,650.

Since the redemption date for the Series J Depositary Shares is also a dividend payment date, the redemption price of $25 per depositary share does not include any declared and unpaid dividends. Declared dividends of $0.453125 per depositary share for the full current quarterly dividend period from and including May 1, 2013 to but excluding August 1, 2013 will be paid separately in the customary manner on August 1, 2013 to holders of record on July 15, 2013.

The depositary shares are held through the Depository Trust Company (DTC) and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series J Depositary Shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively as redemption agent, in accordance with the Deposit Agreement governing the Series J Depositary Shares and the Redemption and Paying Agent Agreement. The address for the redemption agent is as follows:

Computershare Trust Company, N.A.Attn: Corporate Actions250 Royall St.Canton, MA 02021

In addition, Bank of America announced that redemption notices have been submitted that will result in the redemption of $35,720,000 aggregate liquidation preference amount outstanding of the Fixed/Floating Rate Noncumulative Trust Preferred Securities (CUSIP No.: 00371G105) of BAC LB Capital Funding Trust I and $27,450,000 aggregate liquidation preference amount outstanding of the Floating Rate Noncumulative Trust Preferred Securities (CUSIP No.: 00371T305) of BAC LB Capital Funding Trust II. The redemption date for these securities is August 1, 2013 and the cash redemption price to be paid on the redemption date will be 100% of the liquidation preference amount of the trust preferred securities, plus accrued and unpaid distributions to the redemption date. The Paying Agent for these trust preferred securities is The Bank of New York Mellon, 101 Barclay Street, 8 West, New York, New York 10286.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs