BANK OF AMERICA CORP /DE/ (BAC) Form 424B5 — Oct 22, 2026
Bank of America is raising $2 billion through 2,000,000 depositary shares, each representing a 1/25th interest in a share of new perpetual 7.200% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series WW, priced at $1,000 per depositary share. Net proceeds before expenses are approximately $1.98 billion, with BofA Securities acting as sole book-runner — an affiliate creating a disclosed FINRA Rule 5121 conflict of interest. The preferred pays a fixed 7.200% dividend (equivalent to $72.00 per depositary share annually) until October 27, 2031, after which the rate resets every five years at the Five-Year U.S. Treasury Rate plus a 2.260% spread.
Key figures
- Gross Proceeds
- 2000000000
- Offering Price
- 1000
- Shares Offered
- 2000000
- Reset Date
- 2031-10-27
- Reset Spread
- 2.260% over Five-Year U.S. Treasury Rate
- Underwriting Commissions
- 20000000
- Dividend Rate Initial Fixed
- 7.200%
- First Dividend Payment Date
- 2027-01-27
- Estimated Offering Expenses
- 438000
- Net Proceeds Before Expenses
- 1980000000
- Underlying Preferred Shares
- 80000
- Liquidation Preference Per Share
- 25000
- Existing Preferred Liquidation Preference
- $25.3 billion
AI analysis
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