Bank of America Corporation Offering Depositary Shares and Convertible
Preferred Stock
CHARLOTTE, N.C., Jan. 23 /PRNewswire/ -- Bank of America Corporation today
announced that it has commenced a $6 billion public offering composed of two
securities.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )
The first is depository securities, each of which represents a 1/25th
interest in a share of Non-Cumulative Perpetual Preferred Stock, Series K. The
second is shares of Non-Cumulative Perpetual Convertible Preferred Stock,
Series L. Bank of America intends to use the net proceeds of these public
offerings for general corporate purposes.
The preferred stock will have a liquidation preference of $25,000 per
share (equivalent to $1,000 per depositary share).
The convertible preferred stock will have a liquidation preference of
$1,000 per share and will be convertible into common stock of Bank of America
Corporation. An application has been made to list the convertible preferred
stock on the New York Stock Exchange.
The sole manager for the convertible preferred stock is Banc of America
Securities LLC. Banc of America Securities LLC will serve as manager for the
offering of the preferred stock along with additional co-managers to be
announced following commencement of the offering.
An electronic copy of the preliminary prospectus supplements and
accompanying prospectuses may be obtained from Banc of America Securities LLC,
Capital Markets by sending an e-mail to
dg.prospectus_distribution@bofasecurities.com or a letter to Banc of America
Securities LLC, Capital Markets Operations, 100 West 33rd Street, 3rd Floor,
New York, NY 10001.
Bank of America
Bank of America Corporation is a bank holding company and a financial
holding company. The company provides a diversified range of banking and non-
banking financial services and products throughout the United States and 175
foreign countries. The company provides these services and products through
three business segments: Global Consumer and Small Business Banking, Global
Corporate and Investment Banking, and Global Wealth and Investment Management.
Bank of America Corporation common stock (NYSE: BAC) is listed on the New York
Stock Exchange. http://www.bankofamerica.com
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which the offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
that state.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND THE FEDERAL
SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON BANK OF
AMERICA'S PRESENT EXPECTATIONS, BUT THESE STATEMENTS AND THE IMPLICATIONS OF
THESE STATEMENTS ARE NOT GUARANTEED. FOR EXAMPLE, ALTHOUGH THIS PRESS RELEASE
REFERS TO THE SALE OF $6 BILLION OF PREFERRED STOCK AND CONVERTIBLE PREFERRED
STOCK, THE AMOUNT OF THESE OFFERINGS MAY CHANGE OR THESE OFFERINGS MAY BE
WITHDRAWN. INVESTORS SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING
STATEMENTS.
SOURCE Bank of America
Investors, Kevin Stitt, +1-704-386-5667, Lee McEntire, +1-704-388-6780, or
Leyla Pakzad, +1-704-386-2024, or Media, Scott Silvestri, +1-980-388-9921,
scott.silvestri@bankofamerica.com, all of Bank of America
