BankBoston Redeems Series F Preferred Shares.BOSTON--(BUSINESS WIRE)--May 28, 1998--BankBoston Corporation (NYSE NYSE See: New York Stock Exchange :BKB BKB Basler Kantonalbank (Switzerland) BKB Black King Bar (gaming weapon) BKB BV Kwaliteitsverklaringen Bouw (Dutch) BKB BankBoston Corporation ) announced today that it will redeem all of the 2.8 million outstanding depositary shares representing its 7 7/8 percent 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 F, on July 15, 1998. The aggregate liquidation preference of the Series F 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. is $70 million. The 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. will be $25 per depositary share, plus accrued dividends of $.16406 per depositary share for the period of June 16, 1998 through the redemption date. On and after the redemption date, dividends on the depositary shares will cease to accrue. BankBoston, N.A. is the redemption agent for the depositary shares. Official notice of redemption will be mailed shortly to all holders. BankBoston (NYSE:BKB), with assets of $71.4 billion and some 23,000 employees, is the nation's oldest commercial bank and New England's only global bank. BankBoston is engaged in consumer, small business and corporate banking in New England; delivering sophisticated financial solutions to corporations and governments nationally and internationally; and full-service banking in leading Latin American markets. The corporation's common and preferred stocks are listed on the New York and Boston stock exchanges.
CONTACT: BankBoston Corporation
Kristen Habermann, (617) 434-6883
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