December 17, 2017 2:29 AM ET

Capital Markets

Company Overview of Merrill Lynch, Pierce, Fenner & Smith Incorporated

Company Overview

Merrill Lynch, Pierce, Fenner & Smith Incorporated offers security brokerage and dealership services. Additionally, it provides investment advisory services. Merrill Lynch, Pierce, Fenner & Smith Incorporated was formerly known as Merrill Lynch Pierce Fenner & Smith, Inc. The firm is based in New York, New York. As of January 1, 2015, Merrill Lynch, Pierce, Fenner & Smith Incorporated operates as a subsidiary of BAC North America Holding Company.

One Bryant Park

New York, NY 10036

United States



Key Executives for Merrill Lynch, Pierce, Fenner & Smith Incorporated

Chief Operating Officer
Managing Director of Mid-America Market
Senior Vice President
Vice Chairman of Merrill Lynch Wealth Management
Compensation as of Fiscal Year 2017.

Merrill Lynch, Pierce, Fenner & Smith Incorporated Key Developments

Digital Realty Trust, L.P. Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Bank of America, N.A. Proposes $104 Million Senior Secured Term Loan

On August 25, 2017, Digital Realty Trust, L.P., which refer to as the operating partnership, Citigroup Global Markets Inc. (CGMI), Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPFS) and Bank of America, N.A. (Bank of America) entered into a commitment letter relating to a proposed $104 million senior secured term loan, which would be entered into in connection with the closing of the transactions contemplated by that certain Agreement and Plan of Merger, dated June 8, 2017, by and among Digital Realty Trust Inc., the operating partnership, Penguins REIT Sub, LLC, Penguins OP Sub 2, LLC and Penguins OP Sub, LLC, on the one hand, and DuPont Fabros Technology Inc. (DFT) and DuPont Fabros Technologies, L.P., on the other hand. The closing of the Term Loan is subject to the negotiation of definitive loan documentation and certain closing conditions, including the consummation of the DFT Merger. The borrower under the Loan Documents will be Quill Equity LLC, which is currently an indirect subsidiary of DuPont Fabros Technology Inc. The Commitment Letter replaced the mortgage loan commitment letter with CGMI, MLPFS and Bank of America referenced in the proxy statement/prospectus that filed on August 15, 2017 in connection with the DFT Merger. The Commitment Letter provides for borrowings in U.S. Dollars only. The maturity date of the Term Loan will be March 1, 2023. The interest rate for borrowings under the Loan Documents will be based on a floating rate or, at the option of the borrower, the base rate, in each case plus a margin based on the credit rating of long-term senior unsecured debt.

Tutor Perini Corporation Enters into Settlement Agreement with Merrill Lynch, Pierce, Fenner & Smith Incorporated

On May 31, 2017, Tutor Perini Corporation entered into a settlement agreement with Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch), as successor in interest to Banc of America Securities LLC and Bank of America, N.A. (collectively BofA), to resolve the pending litigation between the company and Merrill Lynch. The litigation, which was filed by the Company in 2011, related to the purchase by the company of certain auction-rate securities from BofA. On June 6, 2017, the company received the $37 million cash settlement payment agreed to in the settlement agreement, and the pending litigation was dismissed with prejudice. Neither party made any admission of liability or wrongdoing, and the settlement agreement includes mutual releases of all claims and liabilities related to the subject matter of the pending litigation.

Merrill Lynch Wealth Management Reorganizes its Regional Structure; Announces Executive Changes

Bank of America Corp.'s Merrill Lynch Wealth Management is reorganizing its regional structure, cutting the number of its business divisions from 10 to six. As part of the shakeup, Mike Adornetto will serve as COO of Merrill Lynch Wealth Management, while market executives Lindsay DeNardo Hans and Vince Fertitta were appointed to run the Mid-Atlantic and Texas Mountain South regions, respectively. Additionally, Linda Houston, who was heading the firm's New England division, is retiring. And James Dickson, who was recently put on leave of absence, is leaving the firm to 'pursue other opportunities'.

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