By Andrea Heisinger
Omaha, Sept. 21 - Bank of America Corp. priced a $550 million offering of 6.625% preferred stock at par of $25, according to a Securities and Exchange Commission filing.
The bank sold 22 million depository shares.
The preferred shares (Aa3/A+/AA-) are perpetual and callable on dividend dates starting Oct. 1, 2017.
Sole bookrunner was Banc of America Securities LLC.
| Issuer: | Bank of America Corp.
|
| Issue: | Depository shares of preferred stock
|
| Amount: | $550 million (22 million shares)
|
| Maturity: | Perpetual |
|
| Bookrunner: | Banc of America Securities LLC
|
| Dividend: | 6.625% (non-cumulative)
|
| Price: | $25 per share
|
| Call: | On dividend dates starting Oct. 1, 2017
|
| Trade date: | Sept. 20
|
| Settlement date: | Sept. 26
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
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