Bank of America to sell $25-par perpetual non-cumulative preferreds

By Marisa Wong

Los Angeles, Jan. 21 – Bank of America Corp. plans to price an offering of $25-par series PP perpetual non-cumulative preferred stock, according to a 424B2 filing with the Securities and Exchange Commission.

BofA Securities Inc. is the bookrunner.

Co-managers include J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Citigroup Global Markets Inc. and TD Securities (USA) LLC.

The preferreds will be redeemable on or after February 2026.

Bank of America plans to apply to list the preferred stock on the New York Stock Exchange under the symbol “BACPrP.”

Proceeds will be used for general corporate purposes, including the repurchase or redemption of outstanding preferred securities.

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

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