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Bank of America Corp. | 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (BAC.PRL)

Prospectus exerpt:  Bank of America Corporation is offering 6,000,000 shares of 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L, $0.01 par value, with a liquidation preference of $1,000 per share (the “Preferred Stock”).

We will pay dividends on the Preferred Stock, when, as, and if declared by our board of directors or a duly authorized committee of our board, quarterly, in arrears, on January 30, April 30, July 30, and October 30 of each year, beginning on April 30, 2008. For each quarterly dividend period from the issue date of the Preferred Stock, we will pay declared dividends at a rate of 7.25% per annum. Dividends on the Preferred Stock will not be cumulative.

Each share of the Preferred Stock may be converted at any time, at the option of the holder, into 20 shares of our common stock, $0.01 par value (the “common stock”) (which reflects an initial conversion price of $50.00 per share of common stock, which is approximately a 25% premium over the VWAP (as defined herein) of our common stock from 2:30 p.m. EST on January 23, 2008 to 4:00 p.m. on the pricing date for the offering), plus cash in lieu of fractional shares, subject to anti-dilution adjustments. The conversion rate will be adjusted as described herein upon the occurrence of certain other events.

The Preferred Stock is not redeemable by us at any time. On or after January 30, 2013, if the closing price of our common stock exceeds 130% of the then-applicable conversion price for 20 trading days during any period of 30 consecutive trading days, we may at our option cause some or all of the Preferred Stock to be automatically converted into common stock at the then prevailing conversion rate.

Full Prospectus PDF », BAC Page »

Series:L
Redeemable?:No
Perpetual?:Yes
Cumulative?:No
Conversion Ratio:20
Conversion Price:$50
Shares Offered:6,000,000
Overallotment:900,000
Liquidation Preference:$1,000
Recent Market Price:$1166.75
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$166.75 (16.68%)
Annualized Dividend:72.50
Recent Ex-Date:6/27/2014
Current Yield:6.22%
Original Coupon:7.250%
Pay Period:Quarterly
Pay Dates:30-Jan, 30-Apr, 30-Jul, 30-Oct
Bank of America is a bank and financial holding company. Through its banking and various nonbanking subsidiaries throughout the U.S. and in international markets, Co. is engaged as a financial institution that serves individual consumers, small- and middle-market businesses, institutional investors, large corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. Co. operates its banking activities primarily under two charters: Bank of America, National Association, and FIA Card Services, National Association. As of Dec 31 2013, Co. had total assets of $2.10 trillion and total deposits of $1.12 trillion.

Preferreds: BML.PRQ, BML.PRI, BML.PRN, BML.PRG, BML.PRH, CFC.PRA, BAC.PRJ, MER.PRD, MER.PRE, MER.PRF, MER.PRK, MER.PRM, MER.PRP, CFC.PRB, BAC.PRC, BAC.PRD, BAC.PRE, BAC.PRH, BAC.PRI, BAC.PRL, BAC.PRU, BAC.PRV, BAC.PRW, BAC.PRX, BAC.PRY, BAC.PRZ, BML.PRJ, BML.PRL, BML.PRO


Open the BAC Information Page »
Name:  Bank of America Corp.
Website:  www.bankofamerica.com
Sector:  Banking & Savings
Number of ETFs Holding BAC:  94 (see which ones)
Total Market Value Held by ETFs:  $5,672,349,442
Total Market Capitalization:  $171,303,000,000
% of Market Cap. Held by ETFs:  3.31%

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