Countrywide to Voluntarily Delist, Deregister Securities
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CHARLOTTE, N.C., Oct. 16 /PRNewswire/ -- Bank of America announced today its wholly-owned subsidiaries, Countrywide Financial Corporation and Countrywide Home Loans, Inc., together with Countrywide Capital IV and Countrywide Capital V, have notified the New York Stock Exchange of their intention to voluntarily delist certain securities.
Those securities are the Countrywide Capital IV 6.75 percent Trust Preferred Securities (NYSE: CFCPRA) and the related guarantees of Countrywide Financial Corporation and Countrywide Home Loans, Inc., and the Countrywide Capital V 7 percent Capital Securities (NYSE: CFCPRB) and the related guarantees of Countrywide Financial Corporation.
Following the delisting, the Countrywide issuers intend to withdraw the securities from registration with the Securities and Exchange Commission and Countrywide intends to suspend its reporting obligations under the Securities Exchange Act of 1934.
The Countrywide issuers intend to withdraw the trust preferred securities and related Countrywide guarantees from listing and deregistration in connection with the previously announced intention of Bank of America to assume the obligations of Countrywide Financial Corporation and Countrywide Home Loans, Inc. under their debt securities and related guarantees, including these Countrywide guarantees, as part of the consideration for the transfer of substantially all of the assets and operations of Countrywide Financial Corporation and Countrywide Home Loans, Inc. to other subsidiaries of Bank of America.
Separately, Bank of America intends to apply to the New York Stock Exchange for the listing of the trust preferred securities and related Bank of America guarantees following the assumption once in effect.
The Countrywide issuers will file Form(s) 25 with the SEC on or about October 27, 2008 and expect the delisting to become effective and Countrywide's reporting obligations to be suspended 10 days after the filing. Bank of America expects the sale of Countrywide assets and the related assumption of Countrywide debt securities and related guarantees to occur around November 7, 2008, subject to receipt of necessary approvals and negotiation of appropriate agreements.
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Forward Looking Statements
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws. These forward looking statements are based upon Bank of America's present expectations, but these statements and the implications of theses statements are not guaranteed. Investors should not place undue reliance upon forward looking statements.
SOURCE Bank of America