Bank of America 2011 Annual Report Download - page 232

230 Bank of America 2011
The table below presents a summary of perpetual preferred stock previously issued by the Corporation and remaining outstanding
at December 31, 2011.
Preferred Stock Summary
(Dollars in millions, except as noted)
Series
Series B (2)
Series D (3, 8)
Series E (3, 8)
Series H (3, 8)
Series I (3, 8)
Series J (3, 8)
Series K (3, 9)
Series L
Series M (3, 9)
Series T
Series 1 (3, 4)
Series 2 (3, 4)
Series 3 (3, 4)
Series 4 (3, 4)
Series 5 (3, 4)
Series 6 (3, 7)
Series 7 (3, 7)
Series 8 (3, 4)
Total
Description
7% Cumulative
Redeemable
6.204% Non-
Cumulative
Floating Rate Non-
Cumulative
8.20% Non-
Cumulative
6.625% Non-
Cumulative
7.25% Non-
Cumulative
Fixed-to-Floating Rate
Non-Cumulative
7.25% Non-
Cumulative Perpetual
Convertible
Fixed-to-Floating Rate
Non-Cumulative
6% Cumulative
Floating Rate Non-
Cumulative
Floating Rate Non-
Cumulative
6.375% Non-
Cumulative
Floating Rate Non-
Cumulative
Floating Rate Non-
Cumulative
6.70% Non-
Cumulative Perpetual
6.25% Non-
Cumulative Perpetual
8.625% Non-
Cumulative
Initial
Issuance
Date
June
1997
September
2006
November
2006
May
2008
September
2007
November
2007
January
2008
January
2008
April
2008
September
2011
November
2004
March
2005
November
2005
November
2005
March
2007
September
2007
September
2007
April
2008
Total
Shares
Outstanding
7,571
26,174
13,576
114,483
14,584
38,053
61,773
3,080,182
52,399
50,000
3,646
12,111
21,773
10,773
16,902
59,388
16,596
89,100
3,689,084
Liquidation
Preference
per Share
(in dollars)
$ 100
25,000
25,000
25,000
25,000
25,000
25,000
1,000
25,000
100,000
30,000
30,000
30,000
30,000
30,000
1,000
1,000
30,000
Carrying
Value (1)
$1
654
340
2,862
365
951
1,544
3,080
1,310
2,918
109
363
653
323
507
60
17
2,673
$ 18,730
Per Annum
Dividend Rate
7.00%
6.204%
Annual rate equal to the
greater of (a) 3-mo. LIBOR
+ 35 bps and (b) 4.00%
8.20%
6.625%
7.25%
8.00% through 1/29/18;
3-mo. LIBOR + 363 bps
thereafter
7.25%
8.125% through
5/14/18;
3-mo. LIBOR + 364 bps
thereafter
6.00%
3-mo. LIBOR + 75 bps (5)
3-mo. LIBOR + 65 bps (5)
6.375%
3-mo. LIBOR + 75 bps (6)
3-mo. LIBOR + 50 bps (6)
6.70%
6.25%
8.625%
Redemption Period
n/a
On or after
September 14, 2011
On or after
November 15, 2011
On or after
May 1, 2013
On or after
October 1, 2017
On or after
November 1, 2012
On or after
January 30, 2018
n/a
On or after
May 15, 2018
See description in
Preferred Stock in this
Note
On or after
November 28, 2009
On or after
November 28, 2009
On or after
November 28, 2010
On or after
November 28, 2010
On or after
May 21, 2012
On or after
February 3, 2009
On or after
March 18, 2010
On or after
May 28, 2013
(1) Amounts shown are before third-party issuance costs and other Merrill Lynch purchase accounting related adjustments of $333 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