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Merrill Lynch Capital Trust III, 7.375% Trust Preferred Securities
Ticker Symbol: MER-P* CUSIP: 59025D207 Exchange: NYSE
* NOTE: This security is no longer trading as of 6/06/2018
Security has been Called for: Wednesday, June 6, 2018
Monday, April 30, 2018 -- Bank of America Corporation announced today that it has submitted redemption notices to the property trustee for each trust listed in the table below, which will result in the redemption of all the trust preferred securities of each trust on June 6, 2018. The trust preferred securities will be redeemed at the applicable redemption price calculated as noted in the table below (either as a percentage of the liquidation amount or at a "make-whole" redemption price*), plus accrued and unpaid distributions to, but not including, the redemption date also as noted in the table below. All of the redemptions are being effected under the optional redemption provisions applicable to the trust preferred securities of each trust. The trust preferred securities are being redeemed, along with the common securities issued by the applicable trust and held by Bank of America or its affiliates, as a result of the concurrent redemption in whole by Bank of America of its junior subordinated notes held by each trust listed in the table below which underlie the respective series of trust preferred securities. The redemptions are being made pursuant to Bank of America's capital plan. Bank of America has received all necessary approvals for these redemptions. Upon the redemption of the trust preferred securities and the extinguishment of the related junior subordinated notes issued by Bank of America, expected to occur in the second quarter of 2018, Bank of America will record a charge to other income and pretax income estimated to be approximately $800 million, subject to certain redemption price calculations at that time.
59025D207 Merrill Lynch Capital Trust III Trust Preferred Securities MER PrP $750,000,000 ($25 per Security) 100% $0.4148438 The Bank of New York Mellon
222388209 Countrywide Capital V 7% Capital Securities CFC PrB $1,495,000,000 ($25 per Security) 100% $0.1701389 Deutsche Bank Trust Company Americas ____________
This security is possibly subject to an early call as a result of the occurrence of a regulatory event (see prospectus for further information) stemming from the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. ____________ Jan. 1, 2009 -- Bank of America Corporation today completed its purchase of Merrill Lynch & Co., Inc. creating a premier financial services franchise with significantly enhanced wealth management, investment banking and international capabilities.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Merrill Lynch Capital Trust II, 7.375% Trust Preferred Securities, liquidation amount $25 per share, 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 9/15/2012 at $25 per share plus accrued and unpaid dividends, and maturing 9/15/2062 which may be extended to 9/15/2087. Distributions of 7.375% ($1.84375) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which is one business day prior to the payment date while the securities remain in global security form (NOTE: the ex-dividend date is at least 2 business days prior to the record date). After 9/15/2062 the securities will pay the three-month LIBOR rate plus 1.666%. Dividends paid by trust preferred securities are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer dividend payments for up to 10 consecutive years (but not beyond the maturity date). The trust's assets consist of the 7.375% Income Capital Obligation Notes (ICONs) which are junior subordinated debt instruments due 9/15/2062, which may be extended to 9/15/2087, 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.
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Go to Parent Company's Record (BAC)
IPO - 8/17/2007 - 30.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: MELYP Changed: 8/28/2007
Market Value $750.0 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: 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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