BankAmerica to Redeem All Outstanding Depositary Shares of 8-1/2% Cumulative Preferred Stock, Series N.SAN FRANCISCO--(BUSINESS WIRE)--Oct. 6, 1997--BankAmerica Corporation (NYSE NYSE See: New York Stock Exchange :BAC BAC abbr. blood alcohol concentration ) today announced that it will redeem all 9,385,450 outstanding depositary shares of the corporation's 8-1/2% 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 N, on December 15, 1997, in accordance with the terms under which they were issued. The Series N depositary shares 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 per share, plus accrued and unpaid dividends to the redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. of $0.08264 per depositary share. BankAmerica Corporation also declared dividends of $0.53125 per Series N depositary share payable separately on November 30, 1997 to holders of record on November 14, 1997. Dividends will cease to accrue on December 15, 1997. Each Series N depositary share represents a one-twentieth interest in a share of Series N 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. . 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. Depositary share receipts for the Series N depositary shares, 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
P.O. Box 3305
South Hackensack, NJ 07606
By hand: ChaseMellon Shareholder Services, L.L.C.
120 Broadway, 13th Floor
New York, NY 10271
ATTN: Reorganization Department
By overnight delivery: ChaseMellon Shareholder Services, L.L.C.
85 Challenger Road - Mail Drop-Reorg
Ridgefield Park, NJ 07660
ATTN: Reorganization Department
-0- The ticker symbol for the Series N depositary shares is BAC Preferred N CONTACT: BankAmerica Corporation Mike Zampa, 415/622-4524 |
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