Published on 1/21/2021 in the Prospect News Investment Grade Daily and Prospect News Preferred Stock Daily.
New Issue: Bank of America sells $915 million 4.125% perpetual non-cumulative preferreds
By Cady Vishniac
Detroit, Jan. 21 – Bank of America Corp. priced $915 million of 4.125% $25-par perpetual non-cumulative preferred stock, series PP, (Baa3/BBB-/BBB) on Thursday, according to an FWP filing with the Securities and Exchange Commission.
BofA Securities, Inc. is the bookrunner. Joint lead managers were 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 Feb. 2, 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.
Issuer: | Bank of America Corp.
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Amount: | $915 million
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Maturity: | Perpetual
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Securities: | Non-cumulative preferred stock, series PP
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Bookrunner: | BofA Securities, Inc.
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Joint lead managers: | 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
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Co-managers: | Keefe, Bruyette & Woods, Inc., Raymond James & Associates, Inc., Apto Partners, LLC, Loop Capital Markets LLC, Multi-Bank Securities, Inc., Roberts & Ryan Investments, Inc., R. Seelaus & Co., LLC and Stern Brothers & Co.
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Dividend: | 4.125%
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Price: | Par of $25.00
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Yield: | 4.125%
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Call feature: | On or after Feb. 2, 2026
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Trade date: | Jan. 21
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Settlement date: | Jan. 28
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Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB
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Distribution: | SEC registered
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Listing: | NYSE: BACPrP
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