Bank of America to redeem $75.98 million of 6.7%, 6.25% preferreds

By Tali David

Minneapolis, May 28 - Bank of America Corp. plans to redeem its $59,387,000 of 6.7% series 6 noncumulative perpetual preferred stock, its $16,595,375 6.25% series 7 noncumulative perpetual preferred stock and the corresponding depositary shares representing fractional interests in both series, according to a press release.

The series 6 depositary shares, each representing a 1/40th interest in one share of the series 6 preferred stock, and the series 7 depositary shares, each representing a 1/40th interest in one share of the series 7 preferred stock, will be redeemed at a redemption price of $25.00 per depositary share.

All 2,375,500 series 6 depositary shares and all 663,815 series 7 depositary shares will be redeemed on June 28.

Because the redemption date for the depositary shares is also their dividend payment date, the redemption price of $25.00 per depositary share does not include declared and unpaid dividends. Declared dividends of $0.41875 per series 6 depositary share and $0.390625 per series 7 depositary share for the full current quarterly dividend period will be paid separately in the customary manner on June 28 to holders of record on June 15.

Computershare Trust Co., NA is the redemption agent.

Bank of America is a financial institution based in Charlotte, N.C.

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