CHARLOTTE (dpa-AFX) - Bank of America Corporation (BAC) Tuesday announced an underwritten public offering of depositary shares, each representing a 1/25th interest in a share of its Non-Cumulative Perpetual Preferred Stock, Series U, with a liquidation preference of $25,000 per share, equivalent to $1,000 per depositary share.
Bank of America plans to use the fund it receives from the sale of the depositary shares to redeem its outstanding 7.25 percent Non-Cumulative Preferred Stock, Series J, 6.70 percent Noncumulative Perpetual Preferred Stock, Series 6, and 6.25 percent Noncumulative Perpetual Preferred Stock, Series 7.
BofA Merrill Lynch is expected to serve as sole book-running manager for the offering.
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