trending Market Intelligence /marketintelligence/en/news-insights/trending/isewkkeam3qbvdbjgxffbg2 content esgSubNav
In This List

Bank of America plans redemption of depositary shares

Blog

Banking Essentials Newsletter: January 11th Edition

Blog

Banking Essentials Newsletter December 21st Edition

Blog

The Road to Basel IV: Navigating the challenge facing European banks

Blog

Basel Framework- Utilizing data to analyze the capital position of European banks.


Bank of America plans redemption of depositary shares

Bank of America Corp. is planning to fully redeem outstanding depositary shares representing interests in its 6.204% noncumulative preferred stock, series D, and outstanding depositary shares representing interests in its 6.375% noncumulative preferred stock, series 3.

The series D depositary shares, each representing a 1/1,000th interest in one share of the series D preferred stock, and the series 3 depositary shares, each translating to a 1/1,200th interest in one share of the series 3 preferred stock, will be redeemed simultaneously with the series D preferred stock and the series 3 preferred stock, respectively, in each case at a redemption price of $25 per depositary share.

All 7,588,595 outstanding series D depositary shares will be redeemed for about $189.7 million on Sept. 14, while all 26,127,328 series 3 depositary shares will be redeemed for about $653.2 million on Aug. 28.