BANK OF AMERICA

Investor Relations

Bank of America Corporation Offering Depositary Shares and Convertible Preferred Stock

Printer Friendly Version View printer-friendly version
<< Back

CHARLOTTE, N.C., Jan. 23 /PRNewswire/ -- Bank of America Corporation today announced that it has commenced a $6 billion public offering composed of two securities.

The first is depository securities, each of which represents a 1/25th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series K. The second is shares of Non-Cumulative Perpetual Convertible Preferred Stock, Series L. Bank of America intends to use the net proceeds of these public offerings for general corporate purposes.

The preferred stock will have a liquidation preference of $25,000 per share (equivalent to $1,000 per depositary share).

The convertible preferred stock will have a liquidation preference of $1,000 per share and will be convertible into common stock of Bank of America Corporation. An application has been made to list the convertible preferred stock on the New York Stock Exchange.

The sole manager for the convertible preferred stock is Banc of America Securities LLC. Banc of America Securities LLC will serve as manager for the offering of the preferred stock along with additional co-managers to be announced following commencement of the offering.

An electronic copy of the preliminary prospectus supplements and accompanying prospectuses may be obtained from Banc of America Securities LLC, Capital Markets by sending an e-mail to dg.prospectus_distribution@bofasecurities.com or a letter to Banc of America Securities LLC, Capital Markets Operations, 100 West 33rd Street, 3rd Floor, New York, NY 10001.

Bank of America

Bank of America Corporation is a bank holding company and a financial holding company. The company provides a diversified range of banking and non- banking financial services and products throughout the United States and 175 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.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state.

WARNING REGARDING FORWARD LOOKING STATEMENTS

THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND THE FEDERAL SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON BANK OF AMERICA'S PRESENT EXPECTATIONS, BUT THESE STATEMENTS AND THE IMPLICATIONS OF THESE STATEMENTS ARE NOT GUARANTEED. FOR EXAMPLE, ALTHOUGH THIS PRESS RELEASE REFERS TO THE SALE OF $6 BILLION OF PREFERRED STOCK AND CONVERTIBLE PREFERRED STOCK, THE AMOUNT OF THESE OFFERINGS MAY CHANGE OR THESE OFFERINGS MAY BE WITHDRAWN. INVESTORS SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.

SOURCE Bank of America

CONTACT: Investors, Kevin Stitt, +1-704-386-5667, Lee McEntire, +1-704-388-6780, or Leyla Pakzad, +1-704-386-2024, or Media, Scott Silvestri, +1-980-388-9921, scott.silvestri@bankofamerica.com, all of Bank of America