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BofA closes sale of depositary shares

Bank of America Corp. on Sept. 17 sold 52.4 million depositary shares, each representing a 0.001 interest in a share of the Charlotte, N.C.-based company's series LL noncumulative preferred stock.

The public offering price was $25 per depositary share, according to the final term sheet dated Sept. 10.

BofA Securities Inc. was the sole book runner for the offering. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC, Keefe Bruyette & Woods Inc. and RBC Capital Markets LLC served as joint lead managers. Academy Securities Inc., Drexel Hamilton LLC, Mischler Financial Group Inc. and R. Seelaus & Co. LLC served as junior co-managers.