CHARLOTTE, N.C.–()–Bank of America Corporation announced it has submitted redemption
notices to the property trustee for each trust listed in the table
below, which will result in the redemption of all of the trust preferred
securities of each such trust on July 25, 2012. The trust preferred
securities will be redeemed at the applicable redemption price (as a
percentage of the liquidation preference) listed in the table below,
plus accrued and unpaid distributions to the redemption date. All of the
redemptions are being effected under the optional redemption provisions
applicable to the trust preferred securities of each trust, and not
pursuant to redemption provisions relating to the determination of the
occurrence of a “Capital Treatment Event.”
“We
continue to look to optimize the balance sheet.”
Bank of America has received all necessary approvals for these
redemptions. These redemptions will be funded with excess liquidity.
“This action reflects the work we’ve done to build record levels of
capital and liquidity,” said Chief Financial Officer Bruce Thompson. “We
continue to look to optimize the balance sheet.”
CUSIP
Trust
Title of Security
NYSE Ticker Symbol
Aggregate Liquidation Pref. Outstanding
Redemption Price
Accrued Distributions per Security
Trustee/Paying Agent
055189203
BAC Capital Trust X
6¼% Capital Securities
BAC Pr B
$888,400,000
($25 per Security)
100%
$ 0.112847
The Bank of New York Mellon
066048AA7
BankAmerica Capital II
8% Cumulative Semi-Annual Income Preferred Securities,
Series 2
—
$450,000,000
($1,000 per Security)
101.9845%
$ 8.888889
Deutsche Bank Trust Company Americas
06605HAA6
BankAmerica Institutional Capital A
8.07% Capital Securities, Series A
—
$450,000,000
($1,000 per Security)
102.0175%
$ 5.604167
Deutsche Bank Trust Company Americas
338899AA5
Fleet Capital Trust II
7.92% Capital Securities
—
$203,280,000
($1,000 per Security)
101.954%
$ 8.800000
The Bank of New York Mellon
33889X203
Fleet Capital Trust VIII
7.20% Preferred Securities
FBF PrM
$534,000,000
($25 per Security)
100%
$ 0.200000
The Bank of New York Mellon
33889Y201
Fleet Capital Trust IX
6.000% Preferred Securities
FBF PrN
$172,525,000
($25 per Security)
100%
$ 0.350000
The Bank of New York Mellon
55263BAA9
MBNA Capital A
8.278% Capital Securities, Series A
BAC/26
$250,000,000
($1,000 per Security)
102.0695%
$ 12.417000
The Bank of New York Mellon
55266J200
MBNA Capital D
8.125% Trust Preferred Securities, Series D
KRB Pr D
$300,000,000
($25 per Security)
100%
$ 0.135417
The Bank of New York Mellon
55270B201
MBNA Capital E
8.10% Trust Originated Preferred Securities, Series E
KRB Pr E
$200,000,000
($25 per Security)
100%
$ 0.393750
The Bank of New York Mellon
62874HAA3
NB Capital Trust IV
8¼% Capital Securities
—
$426,684,000
($1,000 per Security)
101.92%
$ 22.916667
The Bank of New York Mellon
74325VAC8
Progress Capital Trust I
10.50% Capital Securities
—
$8,750,000
($1,000 per Security)
102.625%
$ 15.750020
The Bank of New York Mellon
The addresses of the Trustees/Paying Agents for the trusts listed in the
table above are as follows:
Bank of America
Bank of America is one of the world’s largest financial institutions,
serving individual consumers, small- and middle-market businesses and
large corporations with a full range of banking, investing, asset
management and other financial and risk management products and
services. The company provides unmatched convenience in the United
States, serving approximately 57 million consumer and small business
relationships with approximately 5,700 retail banking offices and
approximately 17,250 ATMs and award-winning online banking with 30
million active users. Bank of America is among the world’s leading
wealth management companies and is a global leader in corporate and
investment banking and trading across a broad range of asset classes,
serving corporations, governments, institutions and individuals around
the world. Bank of America offers industry-leading support to
approximately 4 million small business owners through a suite of
innovative, easy-to-use online products and services. The company serves
clients through operations in more than 40 countries. Bank of America
Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial
Average and is listed on the New York Stock Exchange.
Forward-Looking Statements
Certain statements in this news release represent the current
expectations, plans or forecasts of Bank of America and are
forward-looking. Forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current facts.
These statements often use words like “expects,” “anticipates,”
“believes,” “estimates,” “targets,” “intends,” “plans,” “predict,”
“goal” and other similar expressions or future or conditional verbs such
as “will,” “may,” “might,” “should,” “would” and “could.”
Forward-looking statements speak only as of the date they are made, and
Bank of America undertakes no obligation to update any forward-looking
statement to reflect the impact of circumstances or events that arise
after the date the forward-looking statement was made.
These statements are not guarantees of future results or performance and
involve certain risks, uncertainties and assumptions that are difficult
to predict and are often beyond Bank of America’s control. Actual
outcomes and results may differ materially from those expressed in, or
implied by, any of these forward-looking statements. You should not
place undue reliance on any forward-looking statement and should
consider all of the uncertainties and risks discussed under Item 1A.
“Risk Factors” of Bank of America’s Annual Report on Form 10-K for the
year ended December 31, 2011 and in any of Bank of America’s other
subsequent Securities and Exchange Commission filings.
For more Bank of America news, visit the Bank
of America newsroom.
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