Bank of America talks $250 million $25-par non-cumulative preferreds at 5.875% to 6%

By James McCandless

San Antonio, July 17 – Bank of America Corp. plans to price $250 million of $25-par series HH non-cumulative perpetual preferred stock with talk for a dividend between 5.875% and 6%, according to a market source.

The deal was announced Tuesday morning.

BofA Merrill Lynch is the sole bookrunner.

Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC and RBC Capital Markets, LLC are also in the syndicate.

The preferreds are callable after five years.

Bank of America plans to use the proceeds for general corporate purposes, including, but not limited to, the repurchase or redemption of outstanding preferred securities.

The company intends to list the preferreds on the New York Stock Exchange under the symbol “BACPrK.”

Bank of America is a Charlotte, N.C.-based financial services company.

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