By Cristal Cody
Chicago, Oct. 19 – Bank of America Corp. sold $1.3 billion of $25-par series QQ non-cumulative perpetual preferred stock, according to a 424B2 filing with the Securities and Exchange Commission and pricing details from a market source.
Price talk had the dividend expected in the 4.5% area.
BofA Securities Inc. is the bookrunner.
The preferreds will be redeemable on or after November 2026.
Bank of America plans to apply to list the preferred stock on the New York Stock Exchange under the symbol “BACPrQ.”
Proceeds will be used for general corporate purposes.
The financial services company is based in Charlotte, N.C.
| Issuer: | Bank of America Corp.
|
| Issue: | Series QQ non-cumulative perpetual preferred stock
|
| Amount: | $1.3 billion
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Securities Inc.
|
| Co-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
|
| Counsel to issuer: | McGuireWoods LLP
|
| Counsel to bookrunners: | Davis Polk & Wardwell LLP
|
| Dividend: | 4.25%
|
| Price: | Par of $25
|
| Yield: | 4.25%
|
| Call features: | Redeemable starting November 2026
|
| Trade date: | Oct. 19
|
| Distribution: | SEC registered
|
| Listing: | NYSE: BACPrQ
|
| Price talk: | 4.5% area
|
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