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Bank of America to issue preferred shares

Bank of America Corp. is offering depository shares, each representing 0.001% interest in a share of its series LL noncumulative preferred stock.

The company intends to use the net proceeds for general corporate purposes, including, but not limited to, the repurchase or redemption of outstanding preferred securities.

BofA Merrill Lynch is the sole book runner. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC, Keefe Bruyette & Woods Inc. and RBC Capital Markets are the underwriters for the offering.