||Bank of America Corp. | Trust Preferred Securities (MER.PRP)
The Trust Preferred Securities, each with a $25 liquidation amount, are referred to in this prospectus supplement as the “capital securities.” Each capital security represents an undivided beneficial interest in the assets of Merrill Lynch Capital Trust III, or the “trust,” which is a Delaware statutory trust. Merrill Lynch & Co., Inc. will own all of the common securities of the trust.
The only assets of the trust will be Income Capital Obligation Notes® initially due September 15, 2062, issued by Merrill Lynch & Co., Inc., which we refer to in this prospectus supplement as the “ICONs.” The trust will pay distributions on the capital securities only from the proceeds, if any, of interest payments on the ICONs. The ICONs are junior subordinated debt instruments and will bear interest from the date they are issued at the annual rate of 7.375% of their principal amount, payable quarterly in arrears on March 15, June 15, September 15, and December 15 of each year, beginning September 15, 2007. If we elect to extend the maturity date of the ICONs as described in this prospectus supplement, from and including September 15, 2062, the ICONs will bear interest at the Three-Month LIBOR Rate plus 166.6 basis points (1.666%) payable on March 15, June 15, September 15, and December 15 of each year, beginning December 15, 2062.
We may elect to defer interest payments on the ICONs as described in this prospectus supplement for up to ten consecutive years. If we do not pay interest on the ICONs, the trust will not make the corresponding distributions on the capital securities. We will guarantee payment of distributions on the capital securities only to the extent we make corresponding payments to the trust on the ICONs.
The ICONs will mature on September 15, 2062 unless we elect to extend the maturity date of the ICONs on any or all of the five dates specified in this prospectus supplement. Each such election would extend the maturity date of the ICONs an additional five years. If we make this election on all of these dates, the ICONs will mature on September 15, 2087, and if we make this election on only one of these dates, the ICONs will mature on September 15, 2067. We may redeem the ICONs on or after September 15, 2012 and prior to that date upon the occurrence of the events specified in this prospectus supplement at 100% of their principal amount plus accrued and unpaid interest. In addition, we may redeem the ICONs prior to September 15, 2012 even if none of those specified events occur at the redemption price described in this prospectus supplement. To the extent we redeem the ICONs, the trust must redeem a corresponding amount of the capital securities and common securities.
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|Alternate symbology:||MER-P, MER-PP, MERprP|
|Call Date:||9/15/2012 (Now Trading Post Call Date)|
|Liquidation Preference:||$25 |
|Recent Market Price:||$26.18|
|Premium to Liquidation Preference:|
(More Preferreds Trading at a Premium »)
|Original Coupon:||7.375% until 12/14/2062, then Three-Month LIBOR Rate plus 166.6 basis points until maturity|
|Pay Dates:||15-Mar, 15-Jun, 15-Sep, 15-Dec|
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. serves individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. Co. provides its services and products through five segments: Consumer Banking, Global Wealth & Investment Management, Global Banking, Global Markets and Legacy Assets & Servicing. As of Dec 31 2015, Co. had total assets of $2.14 trillion and total deposits of $1.20 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:
||84 (see which ones)
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