BANK OF AMERICA
And All Outstanding Trust Preferred Securities of BAC LB Capital Funding Trust I and BAC LB Capital Funding Trust II
Bank of America Corporation announced today that it has submitted redemption notices for its 7.25% Non-Cumulative Preferred Stock, Series J (the Series J Preferred Stock), and the corresponding depositary shares representing fractional interests in the Series J Preferred Stock (the Series J Depositary Shares).
As previously announced on May 21, 2013, the company intends to use the net proceeds of its offering of Non-Cumulative Perpetual Preferred Stock, Series U, to fund this redemption.
The Series J Depositary Shares (NYSE: BAC.PrJ) (CUSIP No. 060505724), each representing a 1/1000th interest in one share of the Series J Preferred Stock (CUSIP No. 060505716), will be redeemed at a redemption price of $25 per depositary share. All 38,052,466 Series J Depositary Shares currently outstanding will be redeemed on August 1, 2013 for an aggregate redemption price of $951,311,650.
Since the redemption date for the Series J Depositary Shares is also a dividend payment date, the redemption price of $25 per depositary share does not include any declared and unpaid dividends. Declared dividends of $0.453125 per depositary share for the full current quarterly dividend period from and including May 1, 2013 to but excluding August 1, 2013 will be paid separately in the customary manner on August 1, 2013 to holders of record on July 15, 2013.
The depositary shares are held through the Depository Trust Company (DTC) and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series J Depositary Shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively as redemption agent, in accordance with the Deposit Agreement governing the Series J Depositary Shares and the Redemption and Paying Agent Agreement. The address for the redemption agent is as follows:
Computershare Trust Company, N.A.
Attn: Corporate Actions
250 Royall St.
Canton, MA 02021
In addition, Bank of America announced that redemption notices have been submitted that will result in the redemption of $35,720,000 aggregate liquidation preference amount outstanding of the Fixed/Floating Rate Noncumulative Trust Preferred Securities (CUSIP No.: 00371G105) of BAC LB Capital Funding Trust I and $27,450,000 aggregate liquidation preference amount outstanding of the Floating Rate Noncumulative Trust Preferred Securities (CUSIP No.: 00371T305) of BAC LB Capital Funding Trust II. The redemption date for these securities is August 1, 2013 and the cash redemption price to be paid on the redemption date will be 100% of the liquidation preference amount of the trust preferred securities, plus accrued and unpaid distributions to the redemption date. The Paying Agent for these trust preferred securities is The Bank of New York Mellon, 101 Barclay Street, 8 West, New York, New York 10286.
Bank of America has received all necessary approvals for these redemptions.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. We serve approximately 52 million consumer and small business relationships with approximately 5,400 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users and more than 13 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
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