Bank of America Announces the Pricing of the Sale of 74 Million Depositary Shares Representing Fractional Interests in its Floating Rate Non-Cumulative Preferred Stock, Series E
CHARLOTTE, N.C., Oct 30, 2006 /PRNewswire via COMTEX News Network/ -- Bank of America Corporation today announced the pricing of the sale of 74 million Depositary Shares, representing fractional interests in its Floating Rate Non-Cumulative Preferred Stock, Series E, at a price of $25.00 per Depositary Share.
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Bank of America will pay dividends on the Series E Preferred Stock, if and when declared by its board of directors, on February 15, May 15, August 15, and November 15 of each year, beginning February 15, 2007, at an annual rate equal to the greater of three-month LIBOR plus a spread of 0.35 percent and 4.00 percent. The Series E Preferred Stock is perpetual and has no maturity date.
The sale of the Depositary Shares representing fractional interests in the Series E Preferred Stock is being underwritten by Banc of America Securities LLC, as sole book-running lead manager, and Bear, Stearns & Co., Inc., UBS Securities LLC, Muriel Siebert & Co., Inc. and Samuel A. Ramirez & Company, Inc. Closing is scheduled for November 6, 2006.
The Depositary Shares representing fractional interests in the Series E Preferred Stock will be listed on the New York Stock Exchange, subject to notice of issuance, under the symbol "BAC PrE".
Copies of the prospectus relating to the offering may be obtained from Banc of America Securities LLC, 100 West 33rd Street, 3rd Floor, New York, New York 10001, by calling 1-800-294-1322 or you may email a request to firstname.lastname@example.org.
Bank of America Corporation is a bank holding company and a financial holding company. The company provides a diversified range of banking and nonbanking financial services and products in 30 states, the District of Columbia, and 44 foreign countries. The company provides these services and products through three business segments: Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management. Bank of America Corporation common stock (NYSE: BAC) is listed on the New York Stock Exchange.
SOURCE Bank of America
Eloise Hale of Bank of America Corporation, +1-704-387-0013, or email@example.com