Bank of America (BAC) Announces $12.7048 Common Stock Average Price For Exchange Offer
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Bank of America (NYSE: BAC) announced the common stock average price of $12.7048 for its offers to exchange up to 200 million shares of common stock for outstanding depositary shares for each series of preferred stock .
The common stock average price represents the simple arithmetic average of the daily per share volume-weighted average price of Bank of America common stock for each of the five consecutive trading days ending on and including June 22, 2009 (the second business day prior to the scheduled expiration date of the exchange offer).
The exchange offer will expire at midnight, New York City time, on June 24, 2009, unless extended or earlier terminated by Bank of America.
The exchange offer would increase Bank of America's Tier 1 common capital by an amount equal to the aggregate liquidation preference of the depositary shares exchanged.
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