Bank of America to redeem three preferreds series via offer proceeds

By Toni Weeks

San Luis Obispo, Calif., May 21 - Bank of America Corp. plans to redeem its series J, series 6 and series 7 preferred stock with the proceeds from its sale of depositary shares, according to a 424B2 filing with the Securities and Exchange Commission.

The company is selling depositary shares, each representing a 1/25th interest in a share of series U perpetual fixed-to-floating rate non-cumulative preferred stock, via bookrunner BofA Merrill Lynch.

The financial services company is based in Charlotte, N.C.

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