Bank of America 2014 Annual Report Download - page 223

Bank of America 2014 221
The table below presents a summary of perpetual preferred stock outstanding at December 31, 2014.
Preferred Stock Summary
(Dollars in millions, except as noted)
Series Description
Initial
Issuance
Date
Total
Shares
Outstanding
Liquidation
Preference
per Share
(in dollars)
Carrying
Value (1)
Per Annum
Dividend Rate Redemption Period
Series B (2)
7% Cumulative
Redeemable
June
1997 7,571 $ 100 $ 1 7.00% n/a
Series D (3, 4)
6.204% Non-
Cumulative
September
2006 26,174 25,000 654 6.204%
On or after
September 14, 2011
Series E (3, 4)
Floating Rate Non-
Cumulative
November
2006 12,691 25,000 317 3-mo. LIBOR + 35 bps (5)
On or after
November 15, 2011
Series F (3)
Floating Rate Non-
Cumulative
March
2012 1,409 100,000 141 3-mo. LIBOR + 40 bps (5)
On or after
March 15, 2012
Series G (3)
Adjustable Rate Non-
Cumulative
March
2012 4,926 100,000 493 3-mo. LIBOR + 40 bps (5)
On or after
March 15, 2012
Series I (3, 4)
6.625% Non-
Cumulative
September
2007 14,584 25,000 365 6.625%
On or after
October 1, 2017
Series K (3, 6)
Fixed-to-Floating Rate
Non-Cumulative
January
2008 61,773 25,000 1,544
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 3,080,182 1,000 3,080 7.25% n/a
Series M (3, 6)
Fixed-to-Floating Rate
Non-Cumulative
April
2008 52,399 25,000 1,310
8.125% through
5/14/18;
3-mo. LIBOR + 364 bps
thereafter
On or after
May 15, 2018
Series T 6% Non-Cumulative
September
2011 50,000 100,000 2,918 6.00%
See description in
Preferred Stock in
this Note
Series U (6)
Fixed-to-Floating Rate
Non-Cumulative
May
2013 40,000 25,000 1,000
5.2% through 6/1/23;
3-mo. LIBOR + 313.5 bps
thereafter
On or after
June 1, 2023
Series V (6)
Fixed-to-Floating Rate
Non-Cumulative
June
2014 60,000 25,000 1,500
5.125% through
6/17/19;
3-mo. LIBOR + 338.7 bps
thereafter
On or after
June 17, 2019
Series W (4)
6.625% Non-
Cumulative
September
2014 44,000 25,000 1,100 6.625%
On or after
September 9, 2019
Series X (6)
Fixed-to-Floating Rate
Non-Cumulative
September
2014 80,000 25,000 2,000
6.250% through
9/5/2024;
3-mo. LIBOR + 370.5 bps
thereafter
On or after
September 5, 2024
Series Z (6)
Fixed-to-Floating Rate
Non-Cumulative
October
2014 56,000 25,000 1,400
6.500% through
10/23/24;
3-mo. LIBOR + 417.4 bps
thereafter
On or after
October 23, 2024
Series 1 (3, 7)
Floating Rate Non-
Cumulative
November
2004 3,275 30,000 98 3-mo. LIBOR + 75 bps (8)
On or after
November 28, 2009
Series 2 (3, 7)
Floating Rate Non-
Cumulative
March
2005 9,967 30,000 299 3-mo. LIBOR + 65 bps (8)
On or after
November 28, 2009
Series 3 (3, 7)
6.375% Non-
Cumulative
November
2005 21,773 30,000 653 6.375%
On or after
November 28, 2010
Series 4 (3, 7)
Floating Rate Non-
Cumulative
November
2005 7,010 30,000 210 3-mo. LIBOR + 75 bps (5)
On or after
November 28, 2010
Series 5 (3, 7)
Floating Rate Non-
Cumulative
March
2007 14,056 30,000 422 3-mo. LIBOR + 50 bps (5)
On or after
May 21, 2012
Total 3,647,790 $ 19,505
(1) Amounts shown are before third-party issuance costs and certain purchase accounting adjustments of $196 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 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
(5) Subject to 4.00% minimum rate per annum.
(6) 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 at which time, it adjusts to a quarterly cash dividend, if and when declared, thereafter.
(7) Ownership is held in the form of depositary shares, each representing a 1/1,200th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.
(8) Subject to 3.00% minimum rate per annum.
n/a = not applicable