Bank of America Corporation (BAC) Tuesday announced an underwritten public offering of depositary shares, each representing a 1/25th interest in a share of its Non-Cumulative Perpetual Preferred Stock, Series U, with a liquidation preference of $25,000 per share, equivalent to $1,000 per depositary share.
Bank of America plans to use the fund it receives from the sale of the depositary shares to redeem its outstanding 7.25 percent Non-Cumulative Preferred Stock, Series J, 6.70 percent Noncumulative Perpetual Preferred Stock, Series 6, and 6.25 percent Noncumulative Perpetual Preferred Stock, Series 7.
BofA Merrill Lynch is expected to serve as sole book-running manager for the offering.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.