Stock message boards
Preferred Stock Channel
Market News Video Self Directed Investor The Warren Buffetts Next Door Stock message boards
Bank of America Corp. | Floating Rate Non-Cumulative Preferred Stock, Series 4 (BML.PRJ)

Prospectus exerpt:  Each of the 9,600,000 depositary shares offered hereby represents a 1/1200th ownership interest in a share of perpetual Floating Rate Non-Cumulative Preferred Stock, Series 4 (“Series 4 Preferred Stock”), $30,000 liquidation preference per share, of Merrill Lynch & Co., Inc. (“ML&Co.”), deposited with JPMorgan Chase Bank, N.A., as depositary. Each depositary share entitles the holder, through the depositary, to all proportional rights and preferences of the Series 4 Preferred Stock represented thereby. The depositary shares are evidenced by depositary receipts.

The Series 4 Preferred Stock is not redeemable prior to November 28, 2010. On and after that date, the Series 4 Preferred Stock will be redeemable at our option, in whole at any time or in part from time to time, at a redemption price equal to $30,000 per share (equivalent to $25 per depositary share), plus declared and unpaid dividends.

Dividends on the Series 4 Preferred Stock, if declared, will be payable quarterly, in arrears, on February 28, May 28, August 28 and November 28 of each year, beginning February 28, 2006, at a floating rate per annum equal to three-month U.S. dollar LIBOR plus 0.75%; but such dividends, if declared, will be payable at a rate of not less than 4.00% per annum. Subject to the foregoing, for the first dividend period from and including November 17, 2005 to but excluding February 28, 2006, the per annum rate for the initial dividend, if declared, will be equal to three-month U.S. dollar LIBOR, as determined on November 15, 2005, plus 0.75%. Except for the initial dividend period, the term “Dividend Period” means the period from and including each dividend payment date to but excluding the next succeeding dividend payment date.

Dividends on the Series 4 Preferred Stock will not be cumulative. Accordingly, if for any reason our board of directors does not declare a dividend on the Series 4 Preferred Stock for a Dividend Period, we will not pay a dividend for that Dividend Period on the quarterly payment date or at any future time, whether or not our board of directors declares dividends on the Series 4 Preferred Stock for any future Dividend Period. However, with certain exceptions, we may not declare or pay dividends on or redeem or purchase our common stock at any time if we have not declared, paid or set aside for payment full dividends on the Series 4 Preferred Stock for the immediately preceding Dividend Period.

Full Prospectus PDF », BAC Page »

Series:4
Redeemable?:Yes
Call Date:11/28/2010 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:No
Shares Offered:9,600,000
Overallotment:1,440,000
Liquidation Preference:$25
Recent Market Price:$21.95
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-3.05 (-12.20%)
Annualized Dividend:0.98888
Recent Ex-Date:5/13/2014
Current Yield:4.51%
Original Coupon:Floating rate equal to three-month U.S. dollar LIBOR plus 0.75%, but not less than 4.00% per annum
Pay Period:Quarterly
Pay Dates:28-Feb, 28-May, 28-Aug, 28-Nov
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. provides a range of banking and nonbanking financial services and products through five business segments: Consumer & Business Banking, Consumer Real Estate Services, Global Banking, Global Markets and Global Wealth & Investment Management, as well as All Other. Co. operates its banking activities primarily under two charters: Bank of America, National Association, and FIA Card Services, National Association. As of Dec 31 2012, Co. had total assets of $2.21 trillion and deposits of $1.10 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:  80 (see which ones)
Total Market Value Held by ETFs:  $9,575,765,191
Total Market Capitalization:  $173,212,000,000
% of Market Cap. Held by ETFs:  5.53%

Quotes delayed 20 minutes

Bank of America Corp. | Floating Rate Non-Cumulative Preferred Stock, Series 4 (BML.PRJ) Information Page | Preferred Stock Channel | www.PreferredStockChannel.com | Copyright © 2011 - 2014, All Rights Reserved

Nothing in Preferred Stock Channel is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Service. Video widget and dividend videos powered by Market News Video. Quote data delayed at least 20 minutes; data powered by Ticker Technologies, and Mergent. Contact Preferred Stock Channel; Meet Our Editorial Staff.