And All Outstanding Trust Preferred Securities of BAC LB Capital
Funding Trust I and BAC LB Capital Funding Trust II
CHARLOTTE, N.C.--(BUSINESS WIRE)--Jul. 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 Shares).
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 1/1000th 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 Series J
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, 2013.
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
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
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,”
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“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.
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Source: Bank of America
Investors May Contact:
Jonathan G. Blum, Bank of America,
Reporters May Contact:
Jerry Dubrowski, Bank of