By Andrea Heisinger
Omaha, April 24 - Bank of America Corp. priced $4 billion of perpetual hybrid non-cumulative preferred stock (Aa3/A+), market sources said.
The stock priced at par and has a fixed rate of 8.125% until May 1, 2018 and then a floating rate of three-month Libor plus 364 basis points.
The preferreds are callable beginning May 1, 2018.
Banc of America Securities LLC was the bookrunner.
The financial services company is based in Charlotte, N.C.
| Issuer: | Bank of America Corp.
|
| Issue: | Hybrid non-cumulative preferred stock
|
| Amount: | $4 billion
|
| Maturity: | Perpetual
|
| Bookrunner: | Banc of America Securities LLC
|
| Dividend: | 8.125% until May 1, 2018, then three-month Libor plus 364 bps
|
| Price: | Par
|
| Call: | Beginning May 1, 2018
|
| Trade date: | April 24
|
| Settlement date: | April 30
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
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