LAWFUEL – Legal Announcement Service – Bank of America Corporation on January 24 priced two offerings of its securities that will provide it with gross proceeds of $12 billion.
The first, an offering of $6 billion of Depositary Shares, each representing a 1/25th interest in shares of Bank of America Corporation’s Fixed-to-Floating Non-Cumulative Preferred Stock, Series K, was underwritten by Banc of America Securities, Morgan Stanley, UBS Investment Bank, Loop Capital Markets, LLC and Williams Capital Group, L.P. Counsel to the underwriters was Morrison & Foerster LLP of New York. The MoFo team included capital markets lawyers Jim Tanenbaum, Anna Pinedo, Mara Goldsmith and Elise Kim, and tax lawyers Tom Humphreys, Shamir Merali and Remmelt Reigersman.
The second, an offering of $6 billion of 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, was underwritten by Banc of America Securities. MoFo represented the underwriter. The MoFo team included capital markets lawyers Jim Tanenbaum, Anna Pinedo, Mara Goldsmith and Elise Kim, and tax lawyers Tom Humphreys, Shamir Merali and Remmelt Reigersman.
The proceeds of both offerings will be included in Bank of America’s Tier 1 capital.
