Summary
Bank of America Corporation (BAC) filed an 8-K on October 23, 2014, to report material modifications to security holder rights related to the issuance of its Series Z Preferred Stock. Specifically, 56,000 shares of Series Z Preferred Stock were issued, with each share having a liquidation preference of $25,000. This filing also announces the closing of the sale of 1,400,000 Depositary Shares, each representing a 1/25th interest in a share of Series Z Preferred Stock.
Key Highlights
- 1Bank of America issued 56,000 shares of Series Z Preferred Stock on October 23, 2014.
- 2The Series Z Preferred Stock carries a liquidation preference of $25,000 per share.
- 3The issuance of Series Z Preferred Stock introduces restrictions on the company's ability to pay dividends on common stock or junior/parity preferred stock if full dividends on Series Z Preferred Stock are not met.
- 4The company closed the sale of 1,400,000 Depositary Shares, each representing a 1/25th interest in a share of Series Z Preferred Stock.
- 5This filing details the Certificate of Designations for the Series Z Preferred Stock, amending the company's Amended and Restated Certificate of Incorporation.
- 6The terms of the Depositary Shares offering were based on a Prospectus dated March 30, 2012, supplemented by a Prospectus Supplement dated October 20, 2014.