Bank of America to redeem $1.1 billion outstanding 6.2% preferreds

By Taylor Fox

New York, Dec. 17 – Bank of America Corp. plans to redeem all outstanding shares of its 6.2% non-cumulative preferred stock, series CC (Cusip: 060505286) and the corresponding depositary shares representing fractional interests in the series CC preferred stock, according to a news release.

The preferreds and depositary shares will be redeemed on Jan. 29 at a price of $25 per depositary share, excluding dividends.

Each of the 44 million depositary shares represents a 1/1,000 interest in one share of the series CC preferred stock.

Declared dividends of $0.3875 per depositary share on the outstanding series CC depositary shares for the full current quarterly dividend period will be paid separately on Jan. 29 to holders of record on Jan. 1.

Payment will be made by Computershare Inc. and Computershare Trust Co., NA as redemption agents.

The financial services company is based in Charlotte, N.C.

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