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.