U.S. Treasury Announces Public Offering of Bank of America (BAC) Warrants
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The U.S. Treasury commenced a secondary public offering of 150,375,940 warrants to purchase the common stock of Bank of America Corporation (NYSE: BAC) (A Warrants) and a secondary public offering of 121,792,790 warrants to purchase the common stock of the Company (B Warrants).
The proceeds of these sales will provide an additional return to the American taxpayer from Treasury's investment in the Company beyond the dividend payments it received on the related preferred stock.
The offerings are expected to price through a modified Dutch auction.
Deutsche Bank Securities Inc. is the sole book-running manager and Blaylock Robert Van LLC, CastleOak Securities, L.P., Guzman & Company, Loop Capital Markets LLC, M.R. Beal & Company and Toussaint Capital Partners, LLC are the co-managers for the offerings.
The proceeds of these sales will provide an additional return to the American taxpayer from Treasury's investment in the Company beyond the dividend payments it received on the related preferred stock.
The offerings are expected to price through a modified Dutch auction.
Deutsche Bank Securities Inc. is the sole book-running manager and Blaylock Robert Van LLC, CastleOak Securities, L.P., Guzman & Company, Loop Capital Markets LLC, M.R. Beal & Company and Toussaint Capital Partners, LLC are the co-managers for the offerings.
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