Summary
Bank of America Corporation (BAC) filed an 8-K on March 16, 2012, to report on the completion of certain stock purchase agreements. Specifically, the company issued and sold shares of its Floating Rate Non-Cumulative Preferred Stock, Series F, and Adjustable Rate Non-Cumulative Preferred Stock, Series G, to BAC Capital Trust XIII and BAC Capital Trust XIV, respectively. This transaction fulfilled the company's obligations under previously amended stock purchase contracts dated December 8, 2011. This event signifies the finalization of these capital-raising or structuring activities. For investors, this report provides clarity on the company's contractual obligations being met and the issuance of preferred stock. While the details of the terms of these preferred stocks (like dividend rates) are not fully elaborated in this specific 8-K, the completion of these agreements suggests a resolved element in the company's financing arrangements at that time.
Key Highlights
- 1Bank of America Corporation (BAC) completed the sale of Series F and Series G Preferred Stock on March 15, 2012.
- 2Series F Preferred Stock was sold to BAC Capital Trust XIII.
- 3Series G Preferred Stock was sold to BAC Capital Trust XIV.
- 4The sale of Series F Preferred Stock fulfilled obligations under an Amended and Restated Stock Purchase Contract Agreement dated December 8, 2011, with BAC Capital Trust XIII.
- 5The sale of Series G Preferred Stock fulfilled obligations under an Amended and Restated Stock Purchase Contract Agreement dated December 8, 2011, with BAC Capital Trust XIV.
- 6Each preferred share had a liquidation preference of $100,000.
- 7This filing is an 8-K under Item 8.01 (Other Events).