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Bank of America Announces Redemption of Certain Outstanding Depositary SharesBank 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 Seris 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. Bank of America has received all necessary approvals for these redemptions.
Bank of America
Forward-looking statements For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom. Click here to register for news email alerts. View source version on businesswire.com: https://www.businesswire.com/news/home/20180514006270/en/ |