BA Merchant Services, Inc. Announces Public Offering of 14 Million Shares of Class A Common Stock; BankAmerica Corporation Expects $145 Million Fourth-Quarter After-Tax Gain.SAN FRANCISCO--(BUSINESS WIRE)--December 19, 1996--BA Merchant Services Merchant services is the name given in the United States to a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to the service that enables a business to accept a transaction payment by use of the customer's credit or , Inc., a subsidiary of BankAmerica Corporation, today announced the public offering of 14,000,000 shares of Class A Common Stock, par value $.01 per share, at $15.50 per share through an underwritten public offering. The stock will trade on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the trading symbol Trading symbol See: Ticker symbol "BPI." 11,200,000 of the shares are being offered in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and 2,800,000 shares are being offered in a concurrent international offering outside the United States. The offering in the United States is co-managed by Goldman, Sachs & Co., Montgomery Securities and Salomon Brothers Inc. The international offering is co-managed by Goldman Sachs International, Montgomery Securities and Salomon Brothers International Limited. BA Merchant Services BA Merchant Services, LLC is a wholly owned subsidiary of Bank of America specializing in handling credit, debit, stored value, and electronic benefits transfer (EBT) card transactions. , Inc. has granted the U.S. underwriters an option to purchase up to an additional 1,680,000 shares allotments, if any. An over-allotment option with respect to an additional 420,000 shares has also been granted to the international underwriters. BA Merchant Services, Inc. provides an array of payment processing and related information products and services to merchants who accept credit, charge and debit cards as payment for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. throughout the United States. BankAmerica Corporation, indirectly through certain of its subsidiaries, owns 100 percent of the Class B Common Stock of BA Merchant Services, which represents approximately 68 percent of BA Merchant Services' outstanding common stock, or approximately 65 percent if the underwriters exercise their over- allotment options in full. Upon completion of the public offering, assuming exercise of the over-allotment options, BankAmerica Corporation said it expects to recognize an after-tax gain of approximately $145 million in the fourth quarter of 1996. The securities sold in the offering will be offered only by means of a prospectus, a copy of which can be obtained from the offices of Goldman, Sachs & Co., 85 Broad Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10004; Montgomery Securities, 600 Montgomery Street, San Francisco, CA 94111; or Salomon Brothers Inc, Seven World Trade Center, New York, NY 10048. CONTACT: Peter Magnani 415/953-2418 or John Keane (After 9 AM PST PST Paroxysmal supraventricular tachycardia, see there ) 415/622-2773 |
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