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Merrill Lynch Preferred Capital Trust III, 7.00% TOPrS Preferred Securities
Ticker Symbol: MER-D*     CUSIP: 59021F206     Exchange: NYSE
Security Type:   Trust Preferred Security
* NOTE: This security is no longer trading as of 1/29/16

Security has been Called for:  Friday, January 29, 2016

Dec. 29, 2015-- Bank of America today announced the redemption of $2.0 billion of trust preferred securities. Beginning in January of 2016, these securities, unlike the corporation’s other outstanding series of trust preferred securities, will completely phase out from regulatory capital. As a result of the Bank of America Merrill Lynch merger in 2009, the company recorded a discount to par value as purchase accounting adjustments associated with these securities. Bank of America will record a non-cash reduction to net interest income and to pretax income of approximately $600 million in the fourth quarter of 2015 for the remaining discount to par value. The company expects to realize cash savings from lower funding costs as a result of the redemption. The redemption affects all of the trust preferred securities of each trust listed in the table below. The redemption date for all such trust preferred securities is January 29, 2016, and the redemption price is 100 percent of the liquidation amount per trust preferred security, plus accumulated and unpaid distributions on the trust preferred securities through the redemption date. CUSIP No. Trust Title of Security NYSE Ticker Symbol Aggregate Liquidation Amount Outstanding Redemption Price Accumulated and Unpaid Distributions per Trust Preferred Security 59021F206 Merrill Lynch Preferred Capital Trust III 7% Trust Originated Preferred Securi MER PrD $750,000,000 ($25 per trust preferred security) 100% $0.1458333 59021G204 Merrill Lynch Preferred Capital Trust IV 7.12% Trust Originated Preferred Securities MER PrE $400,0 ($25 per trust preferred security) 100% $0.1483333 59021K205 Merrill Lynch Preferred Capital Trust V 7.28% Trust Originated Preferred Securities MER PrF $850,0 ($25 per trust preferred security) 100% $0.1516667 The address for The Bank of New York Mellon, the paying agent for the trust preferred securities of each of the trusts listed in the table above, is 101 Barclay Street, 8 West, New York, New York 10286.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Merrill Lynch Preferred Capital Trust III, 7% Trust Originated Preferred Securities (TOPRS), liquidation amount $25, guaranteed by Merrill Lynch & Co. Inc. (NYSE: MER) (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 3/30/2008 at $25 per share plus accrued and unpaid dividends, with no scheduled maturity, distributions of 7% per annum are paid quarterly on 3/30, 6/30, 9/30 & 12/30 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 6 consecutive quarters (see IPO prospectus for details). The trust's assets consist of the 7% Partnership Preferred Securities representing the limited partnership interests of Merrill Lynch Preferred Funding III L.P. which have no scheduled maturity date and 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.
Cpn Rate
Ann Amt
Call Date
Matur Date
Distribution Dates 15%
Tax Rate
Called for

Ba1 / BB
3/30, 6/30, 9/30 & 12/30
Click for MW ExDiv Date
Click for Yahoo ExDiv Date

Goto Parent Company's Record (BAC)

IPO - 1/16/1998 - 30.00 Million Shares @ $25.00/share.    Link to IPO Prospectus
Market Value $ 648 Million

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Email Address

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 212-449-3112
Toll Free Phone Number 800-299-2265
CEO - Brian T. Moynihan CFO - Bruce R. Thompson

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