Bank of America Announces Redemption of All Outstanding Depositary Shares
Representing Interests in Its 7.25% Non-Cumulative Preferred Stock, Series J
And All Outstanding Trust Preferred Securities of BAC LB Capital Funding Trust
I and BAC LB Capital Funding Trust II
CHARLOTTE, N.C. -- July 2, 2013
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
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 SeriesJ 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,
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 Actions
250 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.
Bank of America has received all necessary approvals for these redemptions.
Bank of America
Bank of America is one of the world's largest financial institutions, serving
individual consumers, small- and middle-market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk management products and services. We serve
approximately 52 million consumer and small business relationships with
approximately 5,400 retail banking offices and approximately 16,300 ATMs and
award-winning online banking with 30 million active users and more than 13
million mobile users. Bank of America is among the world's leading wealth
management companies and is a global leader in corporate and investment
banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the world. Bank
of America offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online products and
services. The company serves clients through operations in more than 40
countries. Bank of America Corporation stock (NYSE: BAC) is a component of the
Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Certain statements in this news release represent the current expectations,
plans or forecasts of Bank of America based on available information and are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be identified by
the fact that they do not relate strictly to historical or current facts.
These statements often use words like “expects,” “anticipates,” “believes,”
“estimates,” “targets,” “intends,” “plans,” “predict,” “goal” and other
similar expressions or future or conditional verbs such as “will,” “may,”
“might,” “should,” “would” and “could.” Forward-looking statements speak only
as of the date they are made, and Bank of America undertakes no obligation to
update any forward-looking statement to reflect the impact of circumstances or
events that arise after the date the forward-looking statement was made.
These statements are not guarantees of future results or performance and
involve certain risks, uncertainties and assumptions that are difficult to
predict and are often beyond Bank of America's control. Actual outcomes and
results may differ materially from those expressed in, or implied by, any of
these forward-looking statements. You should not place undue reliance on any
forward-looking statement and should consider the uncertainties and risks
discussed under Item 1A. “Risk Factors” of Bank of America's Annual Report on
Form 10-K for the year ended December 31, 2012 and in any of Bank of America's
other subsequent Securities and Exchange Commission filings.
Visit the Bank of America newsroom for more Bank of America news.
Investors May Contact:
Jonathan G. Blum, Bank of America, 1.212.449.3112
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.980.388.2840
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