Bank of America 2012 Annual Report Download - page 224

222 Bank of America 2012
On May 25, 2012, the Corporation completed the repurchase
of $134 million aggregate liquidation amount of capital securities
of BAC Capital Trust VI, pursuant to a previously announced tender
offer for such securities, and the related cancellation and
retirement of the underlying 5.625% Junior Subordinated Notes,
due 2035 of the Corporation issued to and held by BAC Capital
Trust VI. As a result of this repurchase of capital securities and
the related cancellation and retirement of the underlying 5.625%
Junior Subordinated Notes, the series of covered debt benefiting
from the Corporation’s replacement capital covenant, executed
February 16, 2007 in connection with the issuance by BAC Capital
Trust XIV of its 5.63% Fixed-to-Floating Rate Preferred Hybrid
Income Term Securities (the Replacement Capital Covenant), was
redesignated. Effective as of May 25, 2012, the 5.625% Junior
Subordinated Notes ceased being the covered debt under the
Replacement Capital Covenant. Also effective as of May 25, 2012,
the Corporation’s 6.875% Junior Subordinated Notes, due 2055
underlying the capital securities of BAC Capital Trust XII, became
the covered debt with respect to and in accordance with the terms
of the Replacement Capital Covenant.
The Trust Securities Summary table details the outstanding
Trust Securities and the related Notes previously issued which
remained outstanding at December 31, 2012, as originated by
Bank of America Corporation and its predecessor companies and
subsidiaries. For additional information on Trust Securities for
regulatory capital purposes, see Note 17 – Regulatory
Requirements and Restrictions.
Trust Securities Summary
(Dollars in millions)
Issuer Issuance Date
Aggregate
Principal
Amount
of Trust
Securities
Aggregate
Principal
Amount
of the
Notes
Stated Maturity
of the Trust
Securities
Per Annum Interest
Rate of the Notes
Interest Payment
Dates Redemption Period
Bank of America
Capital Trust VI March 2005 $ 36 $ 37 March 2035 5.63% 3/8,9/8 Any time
Capital Trust VII (1) August 2005 9 9August 2035 5.25 2/10,8/10 Any time
Capital Trust VIII August 2005 524 540 August 2035 6.00 2/25,5/25,8/25,11/25 On or after 8/25/10
Capital Trust XI May 2006 658 678 May 2036 6.63 5/23,11/23 Any time
Capital Trust XV May 2007 4 4June 2056 3-mo. LIBOR +80 bps 3/1,6/1,9/1,12/1 On or after 6/01/37
NationsBank
Capital Trust III February 1997 133 137 January 2027 3-mo. LIBOR +55 bps 1/15,4/15,7/15,10/15 On or after 1/15/07
BankAmerica
Capital III January 1997 106 109 January 2027 3-mo. LIBOR +57 bps 1/15,4/15,7/15,10/15 On or after 1/15/02
Barnett
Capital III January 1997 64 66 February 2027 3-mo. LIBOR +62.5 bps 2/1,5/1,8/1,11/1 On or after 2/01/07
Fleet
Capital Trust V December 1998 79 82 December 2028 3-mo. LIBOR +100 bps 3/18,6/18,9/18,12/18 On or after 12/18/03
BankBoston
Capital Trust III June 1997 55 57 June 2027 3-mo. LIBOR +75 bps 3/15,6/15,9/15,12/15 On or after 6/15/07
Capital Trust IV June 1998 102 106 June 2028 3-mo. LIBOR +60 bps 3/8,6/8,9/8,12/8 On or after 6/08/03
Progress
Capital Trust II July 2000 6 6July 2030 11.45 1/19,7/19 On or after 7/19/10
Capital Trust IV December 2002 5 5January 2033 3-mo. LIBOR +335 bps 1/7,4/7,7/7,10/7 On or after 1/07/08
MBNA
Capital Trust B January 1997 70 73 February 2027 3-mo. LIBOR +80 bps 2/1,5/1,8/1,11/1 On or after 2/01/07
ABN AMRO North America
Series I May 2001 77 77 Perpetual 3-mo. LIBOR +275 bps 2/15,5/15,8/15,11/15 On or after 11/08/12
Series II May 2001 77 77 Perpetual 3-mo. LIBOR +275 bps 3/15,6/15,9/15,12/15 On or after 11/08/12
Series III May 2001 77 77 Perpetual 3-mo. LIBOR +275 bps 1/15,4/15,7/15,10/15 On or after 11/08/12
Series IV May 2001 77 77 Perpetual 3-mo. LIBOR +275 bps 2/28,5/30,8/30,11/30 On or after 11/08/12
Series V May 2001 77 77 Perpetual 3-mo. LIBOR +275 bps 3/30,6/30,9/30,12/30 On or after 11/08/12
Series VI May 2001 77 77 Perpetual 3-mo. LIBOR +275 bps 1/30,4/30,7/30,10/30 On or after 11/08/12
Series VII May 2001 88 88 Perpetual 3-mo. LIBOR +275 bps 3/15,6/15,9/15,12/15 On or after 11/08/12
Series IX June 2001 70 70 Perpetual 3-mo. LIBOR +275 bps 3/5,6/5,9/5,12/5 On or after 11/08/12
Series X June 2001 53 53 Perpetual 3-mo. LIBOR +275 bps 3/12,6/12,9/12,12/12 On or after 11/08/12
Series XI June 2001 27 27 Perpetual 3-mo. LIBOR +275 bps 3/26,6/26,9/26,12/26 On or after 11/08/12
Series XII June 2001 80 80 Perpetual 3-mo. LIBOR +275 bps 1/10,4/10,7/10,10/10 On or after 11/08/12
Series XIII June 2001 70 70 Perpetual 3-mo. LIBOR +275 bps 1/24,4/24,7/24,10/24 On or after 11/08/12
LaSalle
Series I August 2000 36 36 Perpetual 3-mo. LIBOR +105.5 bps 3/15,6/15,9/15,12/15 On or after 9/15/10
Series J September 2000 27 27 Perpetual 3-mo. LIBOR +105.5 bps 3/15,6/15,9/15,12/15 On or after 9/15/10
Countrywide
Capital III June 1997 200 206 June 2027 8.05 6/15,12/15 Only under special event
Capital IV April 2003 500 515 April 2033 6.75 1/1,4/1,7/1,10/1 On or after 4/11/08
Capital V November 2006 1,495 1,496 November 2036 7.00 2/1,5/1,8/1,11/1 On or after 11/01/11
Merrill Lynch
Preferred Capital Trust III January 1998 750 901 Perpetual 7.00 3/30,6/30,9/30,12/30 On or after 3/08
Preferred Capital Trust IV June 1998 400 480 Perpetual 7.12 3/30,6/30,9/30,12/30 On or after 6/08
Preferred Capital Trust V November 1998 850 1,021 Perpetual 7.28 3/30,6/30,9/30,12/30 On or after 9/08
Capital Trust I December 2006 1,050 1,051 December 2066 6.45 3/15,6/15,9/15,12/15 On or after 12/11
Capital Trust II May 2007 950 951 June 2062 6.45 3/15,6/15,9/15,12/15 On or after 6/12
Capital Trust III August 2007 750 751 September 2062 7.375 3/15,6/15,9/15,12/15 On or after 9/12
Total $ 9,709 $ 10,194
(1) Notes were denominated in British Pound. Presentation currency is U.S. Dollar.