Bank of America Sells a Preferred Offering
By: Tim McPartland,
Bank of America has sold a new preferred stock offering.
The coupon on the issue is 6.50% and since it is a banking issue it is non cumulative. The issue is rated BB by Standard and Poors and Ba3 by Moodys.
The issue will begin to trade on the OTC grey market starting tomorrow (Thursday) under the temporary ticker symbol BKMRP.
Details of the offering are here.