BankAmerica to Redeem All 14.6 Million Shares of Series K Preferred Stock at $25 Per Share.SAN FRANCISCO--(BUSINESS WIRE)--Jan. 6, 1997--BankAmerica Corporation (NYSE NYSE See: New York Stock Exchange :BAC BAC abbr. blood alcohol concentration ) today announced that it will redeem all 14,600,000 shares of the corporation's 8-3/8% Cumulative Preferred Stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. , Series K, on February 15, 1997, in accordance with the terms under which they were issued. The Series K preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. will be redeemed at a redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of $25.00 per share, plus accrued and unpaid dividends ($0.44201 per share) to the redemption date. The accrued and unpaid dividends will be paid to holders when they submit their shares for redemption. Notices of redemption will be published in a newspaper of general circulation in San Francisco and mailed with letters of transmittal to the holders of record. The certificates for the Series K preferred stock, together with completed letters of transmittal, may be submitted for redemption to ChaseMellon Shareholder Services: -0- by mail: ChaseMellon Shareholder Services, L.L.C. Reorganization Department Midtown Station P.O. Box 845 New York, NY 10018 by hand or overnight delivery: ChaseMellon Shareholder Services, L.L.C. 120 Broadway, 13th Floor New York, NY 10271 ATTN: Reorganization Department -0- The ticker symbol for the Series K preferred stock is BAC Preferred K. CONTACT: BankAmerica Corporation Peter Magnani, 415/953-2418 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion