Bank of America Announces Full Redemption of Certain Outstanding Depositary Shares
Bank of America Corporation announced today that it has submitted redemption notices for all outstanding shares of its 6.204% Non-Cumulative Preferred Stock, Series D (the Series D Preferred Stock) and the corresponding depositary shares representing fractional interests in the Series D Preferred Stock (the Series D Depositary Shares), and for all outstanding shares of its 6.375% Non-Cumulative Preferred Stock, Series 3 (the Series 3 Preferred Stock), and the corresponding depositary shares representing fractional interests in the Series 3 Preferred Stock (the Series 3 Depositary Shares).
The Series D Depositary Shares (NYSE: BAC PrD) (CUSIP No. 060505831), each representing a 1/1,000th interest in one share of the Series D Preferred Stock, and the Series 3 Depositary Shares (NYSE: BML PrI) (CUSIP No. 060505617), each representing a 1/1,200th interest in one share of the Series 3 Preferred Stock, will be redeemed simultaneously with the redemption of the Series D Preferred Stock or the Series 3 Preferred Stock, as the case may be, in each case at a redemption price of $25 per depositary share.
All 7,588,595 Series D Depositary Shares outstanding will be redeemed on the dividend payment date on September 14, 2018 for an aggregate redemption price of $189,714,875, and all 26,127,328 Series 3 Depositary Shares outstanding will be redeemed on the dividend payment date on August 28, 2018 for an aggregate redemption price of $653,183,200.
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Declared dividends of $0.38775 per depositary share on the outstanding shares of Series D Depositary Shares for the full quarterly dividend period from and including June 14, 2018 to but excluding September 14, 2018 will be paid separately in the customary manner on September 14, 2018 to holders of record on August 31, 2018. Declared dividends of $0.3984375 per depositary share on the outstanding shares of Series 3 Depositary Shares for the full quarterly dividend period from and including May 28, 2018 to but excluding August 28, 2018 will be paid separately in the customary manner on August 28, 2018 to holders of record on August 15, 2018. Accordingly, the applicable redemption price of $25 per depositary share does not include any declared and unpaid dividends, and dividends on the redeemed depositary shares will cease to accrue on the applicable redemption date.