|
Bank of America, 6.00% Dep Shares Non-Cumulative Preferred Stock Series EE
Ticker Symbol: BAC-A* CUSIP: 060505260 Exchange: NYSE
* NOTE: This security is no longer trading as of 4/25/2021
Security has been Called for: Sunday, April 25, 2021
March 24, 2021 -- Bank of America Corporation announced today that it will redeem all outstanding shares of its 6.000% Non-Cumulative Preferred Stock, Series EE (the “Series EE Preferred Stock”), and the corresponding depositary shares representing fractional interests in the outstanding shares of the Series EE Preferred Stock (the “Series EE Depositary Shares”), on April 25, 2021.
All 36,000,000 Series EE Depositary Shares (NYSE: BAC PrA) (CUSIP No. 060505260), each representing a 1/1,000th interest in one share of the Series EE Preferred Stock, will be redeemed on the upcoming dividend payment date for the Series EE Preferred Stock on April 25, 2021 (the “Redemption Date”), simultaneously with the redemption of the Series EE Preferred Stock, at a redemption price of $25 per depositary share. However, since the Redemption Date is not a business day, the redemption price will be paid on the next succeeding business day, April 26, 2021.
|
QUANTUMONLINE.COM SECURITY DESCRIPTION: Bank of America Corp., 6.00% Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Preferred Stock Series EE, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 4/25/2021 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 6.00% per annum ($1.50 per annum or $0.375 per quarter) will be paid quarterly on 1/25, 4/25, 7/25 & 10/25 to holders of record on the record date that will be the first day of the calendar month in which the payment date falls or such other record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). 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-11 of the prospectus for further information). This security was rated as Ba2 by Moody’s and BB+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, 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.
|
Go to Parent Company's Record (BAC)
IPO - 4/18/2016 - 36.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: BACMP Changed: 4/26/2016
Market Value $900.0 Million
Company's Online Information Links
|
Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 28255 |
Main Phone Number |
704-386-5681 |
Fax Number |
980-386-6699 |
Investor Relations
Jonathan G. Blum
|
212-449-3112
|
Toll Free Phone Number |
800-299-2265 |
CEO - Brian T. Moynihan |
CFO - Paul M. Donofrio |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|