||Bank of America Corp. | Floating Rate Non-Cumulative Preferred Stock, Series 4 (BML.PRJ)
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 »
|Call Date:||11/28/2010 (Now Trading Post Call Date)|
|Liquidation Preference:||$25 |
|Recent Market Price:||$21.45|
|Discount to Liquidation Preference:|
(More Preferreds Trading at a Discount »)
|Original Coupon:||Floating rate equal to three-month U.S. dollar LIBOR plus 0.75%, but not less than 4.00% per annum|
|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. 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
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||Bank of America Corp.
||Banking & Savings
|Number of ETFs Holding BAC:
||73 (see which ones)
|Total Market Value Held by ETFs:
|Total Market Capitalization:
|% of Market Cap. Held by ETFs:
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