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Bank of America, 7.25% Dep Shares Non-Cumulative Preferred Stock, Series J
Ticker Symbol: BAC-J* CUSIP: 060505724 Exchange: NYSE
* NOTE: This security is no longer trading as of 8/01/2013
Security has been Called for: Thursday, August 1, 2013
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, and the corresponding depositary shares representing fractional interests in the Series J Preferred Stock. 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.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Bank of America, 7.25% Depositary Shares each representing a 1/1,000 interest in a share of 7.25% Non-Cumulative Preferred Stock, Series J, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 11/1/2012 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 7.25% ($1.8125) per annum are paid quarterly on 2/1, 5/1, 8/1 & 11/1 to holders of record on the date fixed by the board, not more than 30 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-25 of the prospectus for further information). In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (BAC)
IPO - 11/15/2007 - 36.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: BNKAP Changed: 11/27/2007
Market Value $900.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 100 North Tryon Street, Charlotte, NC 28255 |
| Main Phone Number |
704-386-5681 |
| Fax Number |
980-386-6699 |
| Investor Relations
Jonathan G. Blum
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212-449-3112
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| Toll Free Phone Number |
800-299-2265 |
| CEO - Brian T. Moynihan |
CFO - Bruce R. Thompson |
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