The FINANCIAL — Bank of America Corporation announced today that it will redeem all outstanding shares of its 6.200% Non-Cumulative Preferred Stock, Series CC (the “Series CC Preferred Stock”), and the corresponding depositary shares representing fractional interests in the Series CC Preferred Stock (the “Series CC Depositary Shares”), on January 29, 2021.
All 44,000,000 Series CC Depositary Shares (NYSE: BAC PrC) (CUSIP No. 060505286), each representing a 1/1,000th interest in one share of the Series CC Preferred Stock, will be redeemed on the dividend payment date on January 29, 2021, simultaneously with the redemption of the Series CC Preferred Stock, at a redemption price of USD 25 per depositary share. Declared dividends of USD 0.3875 per depositary share on the outstanding Series CC Depositary Shares for the full current quarterly dividend period will be paid separately on January 29, 2021 to holders of record on January 1, 2021, in the customary manner. Accordingly, the redemption price of USD 25 per depositary share does not include any accrued and unpaid dividends, and dividends on the redeemed depositary shares will cease to accrue on the redemption date.
The Series CC Depositary Shares are held through The Depository Trust Company (DTC) and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series CC Depositary Shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively, as redemption agent, in accordance with the Deposit Agreement governing the Series CC Depositary Shares.
Bank of America has received all necessary approvals for this redemption.