Bank of America’s $1 billion 6.625% noncumulative preferred shares to begin trading on NYSE

By Stephanie N. Rotondo

Phoenix, Sept. 9 – Bank of America Corp.’s $1 billion of 6.625% series W noncumulative perpetual preferred stock will list on the New York Stock Exchange on Wednesday, a market source reported on Tuesday.

The deal priced Sept. 2. The ticker symbol is “BACPW.”

The preferreds were issued as depositary shares representing a 1/1,000th interest.

BofA Merrill Lynch was the bookrunner. Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC acted as the joint lead managers.

When declared, dividends will be paid in March, June, September and December. The Charlotte, N.C.-based bank can redeem the preferreds beginning Sept. 9, 2019 or upon the occurrence of a regulatory capital treatment event at par plus accrued dividends.

Concurrently with this offering, Bank of America is also conducting a sale of series X fixed-to-floating rate noncumulative preferred stock. Neither offering is contingent upon the other.

Proceeds will be used for general corporate purposes.

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