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MBNA Capital E, 8.10% TOPrS Trust Orig Preferred Securities, Series E
Ticker Symbol: KRB-E* CUSIP: 55270B201 Exchange: NYSE
* NOTE: This security is no longer trading as of 7/25/2012
Security has been Called for: Wednesday, July 25, 2012
Jun. 22, 2012-- Bank of America Corporation announced it has submitted redemption notices for 11 trust preferred securities (including 5 exchange-traded securities) and including MBNA Capital E, 8.10% TOPrS Trust Orig Preferred Securities, Series E, to the property trustee for each trust, which will result in the redemption of all of the trust preferred securities of each such trust on July 25, 2012. The five exchange-traded trust preferred securities will be redeemed at the applicable redemption price (100% of the liquidation preference), plus accrued and unpaid distributions to the redemption date. All of the redemptions are being effected under the optional redemption provisions applicable to the trust preferred securities of each trust, and not pursuant to redemption provisions relating to the determination of the occurrence of a “Capital Treatment Event.” Bank of America has received all necessary approvals for these redemptions. These redemptions will be funded with excess liquidity.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: MBNA Capital E, 8.10% Trust Originated Preferred Securities (TOPrS), Series E, liquidation amount $25, guaranteed by MBNA Corp., now a part of Bank of America (NYSE: BAC) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 2/15/2008 at $25 per share plus accrued and unpaid dividends, maturing 2/15/2033, distributions of 8.10% per annum are paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record one business day prior to the payment date. The company has the right, at any time, to defer interest payments for up to 20 consecutive quarters (see IPO prospectus for details). The trust's assets consist of the 8.10% Junior Subordinated Deferrable Interest Debentures, Series E due 2033 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below. Bank of America Corporation merged with MBNA Corporation on 1/1/2006.
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Go to Parent Company's Record (BAC)
IPO - 11/25/2002 - 8.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $200.0 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
Kevin Stitt
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980-386-5667
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| Toll Free Phone Number |
800-299-2265 |
| CEO - Brian T. Moynihan |
CFO - Charles H. Noski |
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