Bank of America issues 100,000 preferred shares, sells 2.5M depositary shares – report

Bank of America (NYSE:BAC) is said to have announced the issuance of 100,000 shares of series UU preferred stock on July 24.

On the same day, the bank sold 2.5 million depositary shares, each depositary share representing a 1/25th interest in a share of the company’s 6.250% fixed-rate reset noncumulative preferred stock, series UU, S&P Global reported.

The company, according to the report, filed a certificate of designations in Delaware related to the issuance, which outlines the rights and preferences associated with the series UU preferred stock, including a liquidation preference of $25,000 per share.

Dividend will be paid for the period from the original issue date, July 24, to, but excluding, the first reset date, which is July 26, 2030. The dividend rate is fixed at 6.250% per annum.