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Bank of America completes $2.35B offering of depositary shares

Bank of America Corp. completed the sale of 2,350,000 depositary shares.

The public offering price was $1,000 per share for a total of $2.35 billion. Each depositary share represents 1/25th interest in a share of the company's series FF preferred stock.

Merrill Lynch Pierce Fenner & Smith Inc. served as the sole book-running manager for the offering. CastleOak Securities LP, Drexel Hamilton LLC, Great Pacific Securities and Penserra Securities LLC acted as co-managers.