Bank of America 2010 Annual Report Download - page 212

The table below presents a summary of perpetual preferred stock previously issued by the Corporation and remaining outstanding, including the seriesof
preferred stock issued and remaining outstanding in connection with the acquisition of Merrill Lynch, after consideration of the exchanges discussed on the
previous page.
Preferred Stock Summary
Series Description
Initial
Issuance
Date
Total
Shares
Outstanding
Liquidation
Preference
per Share
(in dollars)
Carrying
Value
(1)
Per Annum
Dividend Rate Redemption Period
(Dollars in millions, except as noted)
Series B
(2)
7% Cumulative
Redeemable
June
1997 7,571 $ 100 $ 1 7.00% n/a
Series D
(3, 8)
6.204% Non-
Cumulative
September
2006 26,434 25,000 661 6.20%
On or after
September 14, 2011
Series E
(3, 8)
Floating Rate Non-
Cumulative
November
2006 19,491 25,000 487
Annual rate equal to the
greater of (a) 3-mo. LIBOR +
35 bps and (b) 4.00%
On or after
November 15, 2011
Series H
(3, 8)
8.20% Non-
Cumulative
May
2008 114,483 25,000 2,862 8.20%
On or after
May 1, 2013
Series I
(3, 8)
6.625% Non-
Cumulative
September
2007 14,584 25,000 365 6.625%
On or after
October 1, 2017
Series J
(3, 8)
7.25% Non-
Cumulative
November
2007 39,111 25,000 978 7.25%
On or after
November 1, 2012
Series K
(3, 9)
Fixed-to-Floating
Rate Non-
Cumulative
January
2008 66,702 25,000 1,668
8.00% through 1/29/18;
3-mo. LIBOR + 363 bps
thereafter
On or after
January 30, 2018
Series L 7.25% Non-
Cumulative
Perpetual
Convertible
January
2008 3,349,321 1,000 3,349 7.25% n/a
Series M
(3, 9)
Fixed-to-Floating
Rate Non-
Cumulative
April
2008 57,357 25,000 1,434
8.125% through 5/14/18;
3-mo. LIBOR + 364 bps
thereafter
On or after
May 15, 2018
Series 1
(3, 4)
Floating Rate Non-
Cumulative
November
2004 4,861 30,000 146 3-mo. LIBOR + 75 bps
(5)
On or after
November 28, 2009
Series 2
(3, 4)
Floating Rate Non-
Cumulative
March
2005 17,547 30,000 526 3-mo. LIBOR + 65 bps
(5)
On or after
November 28, 2009
Series 3
(3, 4)
6.375% Non-
Cumulative
November
2005 22,336 30,000 670 6.375%
On or after
November 28, 2010
Series 4
(3, 4)
Floating Rate Non-
Cumulative
November
2005 12,976 30,000 389 3-mo. LIBOR + 75 bps
(6)
On or after
November 28, 2010
Series 5
(3, 4)
Floating Rate Non-
Cumulative
March
2007 20,190 30,000 606 3-mo. LIBOR + 50 bps
(6)
On or after
May 21, 2012
Series 6
(3, 7)
6.70% Non-
Cumulative
Perpetual
September
2007 65,000 1,000 65 6.70%
On or after
February 3, 2009
Series 7
(3, 7)
6.25% Non-
Cumulative
Perpetual
September
2007 16,596 1,000 17 6.25%
On or after
March 18, 2010
Series 8
(3, 4)
8.625% Non-
Cumulative
April
2008 89,100 30,000 2,673 8.625%
On or after
May 28, 2013
Total 3,943,660 $16,897
(1)
Amounts shown are before third-party issuance costs and other Merrill Lynch purchase accounting related adjustments of $335 million.
(2)
Series B Preferred Stock does not have early redemption/call rights.
(3)
The Corporation may redeem series of preferred stock on or after the redemption date, in whole or in part, at its option, at the liquidation preference plus declared and unpaid dividends.
(4)
Ownership is held in the form of depositary shares, each representing a 1/1200th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
(5)
Subject to 3.00% minimum rate per annum.
(6)
Subject to 4.00% minimum rate per annum.
(7)
Ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
(8)
Ownership is held in the form of depositary shares, each representing a 1/1000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
(9)
Ownership is held in the form of depositary shares, each representing a 1/25th interest in a share of preferred stock, paying a semi-annual cash dividend, if and when declared, until the redemption date adjusts to a quarterly cash
dividend, if and when declared, thereafter.
n/a = not applicable
210 Bank of America 2010