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BAC Capital Trust XIV, HITS 5.63% Fixed/Floating Rate Preferred Hybrid
Ticker Symbol: BAC-G CUSIP: 05518VAA3 Exchange: NYSE
* NOTE: This security has been delisted at the request of the issuer and is no longer trading
but to our knowledge is still paying distributions to holders.
The security may start trading on the Other OTC market but to date it has not (to our knowledge).
QUANTUMONLINE.COM SECURITY DESCRIPTION: BAC Capital Trust XIV, 5.63% Fixed to Floating Rate Preferred HITS (Hybrid Income Term Securities), guaranteed by Bank of America Corp (NYSE: BAC) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), liquidation amount $1000 per HITS, redeemable at the issuer's option on or after 03/15/2012 at $1000 per HITS plus declared and unpaid dividends, and with no stated maturity. Cumulative distributions of 5.63% per annum ($56.30 per annum or $28.15 per semi-annually) will be paid semi-annually on 3/15 & 9/15 to holders of record (NOTE: the ex-dividend date is one business day prior to the record date). From 03/15/2012 dividends will be Non-Cumulative and be paid quarterly on 3/15, 6/15, 9/15 & 12/15 at a floating rate of the greater of 4.00% or the Three-Month LIBOR plus 0.40% per annum. After 03/15/2012 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. Dividends paid by trust preferred securities are derived from dividends paid to the underlying preferred stock and therefore 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-31 of the prospectus for further information). Each Preferred HITS represents a beneficial interest in the Trust that initially corresponds to: 1/100 interest in a $1000 principal Remarketable Fixed Rate Junior Subordinated Notes due 2043, 1/100 interest Stock Purchase Contracts due 03/15/2012 to purchase $100,000 face value Bank of America Corp preferred stock, which will transfer into 1/100 interest into the preferred stock. which were purchased from the company using the funds generated from the sale of the trust preferred securities. 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. This security is possibly subject to an early call as a result of the occurrence of certain tax or corporate events. (see the prospectus for further information). The holder has the right to convert the Preferred HITS to another class of HITS held by the trust. (see the prospectus for further information) 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.
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Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Distribution Dates |
15% Tax Rate |
Delisted
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Fixfloat
n.a.
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$1,000.00
$1,000.00
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3/15/2012
None
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Baa2
BBB-
5/04/2022
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3/15, 6/15, 9/15 & 12/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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YES
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Go to Parent Company's Record (BAC)
IPO - 2/13/2007 - 850,000 Shares @ $1000/share.
Link to IPO Prospectus
Market Value $850.0 Million
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: 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
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212-449-3112
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Toll Free Phone Number |
800-299-2265 |
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