Bank of America Corporation announced today that it has submitted redemption notices for all outstanding shares of its 6.625% Non-Cumulative Preferred Stock, Series I (the Series I Preferred Stock) and the corresponding depositary shares representing fractional interests in the Series I Preferred Stock (the Series I Depositary Shares), and for 18,585 shares out of a total of 26,173.595 shares outstanding of its 6.204% Non-Cumulative Preferred Stock, Series D (the Series D Preferred Stock), and the corresponding depositary shares representing fractional interests in the Series D Preferred Stock (the Series D Depositary Shares).
The Series I Depositary Shares (NYSE: BAC PrI) (CUSIP No. 060505740), each representing a 1/1,000th interest in one share of the Series I Preferred Stock, will be redeemed simultaneously with the redemption of the Series I Preferred Stock, and the Series D Depositary Shares (NYSE: BAC PrD) (CUSIP No. 060505831), each representing a 1/1,000th interest in one share of the Series D Preferred Stock, will be redeemed simultaneously with the redemption of the Series D Preferred Stock, in each case at a redemption price of $25 per depositary share.
All 14,583,603 Series I Depositary Shares outstanding will be redeemed on July 2, 2018 for an aggregate redemption price of $364,590,075. Also, 18,585,000 Series D Depositary Shares out of a total of 26,173,595 Series D Depositary Shares outstanding will be redeemed on June 14, 2018 for an aggregate redemption price of $464,625,000. Such Series D Depositary Shares to be redeemed will be selected by lottery in accordance with the applicable procedures of The Depository Trust Company (DTC).
Regular dividends on the outstanding Series I Depositary Shares for the full current quarterly dividend period, when declared, will be paid separately on July 2, 2018 to holders of record on June 15, 2018, in the customary manner. Regular dividends on the outstanding shares of Series D Depositary Shares for the full current quarterly dividend period, when declared, will be paid separately on June 14, 2018 to holders of record on May 31, 2018, in the customary manner. Accordingly, the applicable redemption price of $25 per depositary share does not include any declared and unpaid dividends, and dividends on the redeemed depositary shares will cease to accrue on the applicable redemption date. The Series D Depositary Shares not selected for redemption will remain outstanding after the applicable redemption date and will continue to accrue dividends as set forth in the certificate of designations governing the Series D Preferred Stock and the deposit agreement governing the Series D Depositary Shares, with regular dividends on such shares for the next quarterly dividend period from and including June 14, 2018 to but excluding September 14, 2018, if declared, to be paid to holders of record on August 31, 2018, in the customary manner.
The Series I Depositary Shares and the Series D Depositary Shares are held through DTC and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series I Depositary Shares and Series D Depositary Shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively as redemption agent, in accordance with the Deposit Agreements governing the Series I Depositary Shares and Series D Depositary Shares. The address for the redemption agent is as follows:
Computershare Trust Company, N.A.
Attn: Corporate Actions
250 Royall St.
Canton, MA 02021
Bank of America has received all necessary approvals for these redemptions.
Bank of America is one of the world’s leading 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. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,400 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 36 million active users, including 25 million mobile users. Bank of America is a global leader in wealth management, 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 across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Certain information contained in this news release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions difficult to predict or beyond our control. You should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks discussed in our 2017 Annual Report on Form 10-K and subsequent Securities and Exchange Commission filings. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.