Deals 06/17/2019

Loop Capital Markets acts as a co-manager on $1.0 billion perpetual preferred offering of Bank of America

On June 17th, 2019, Loop Capital Markets participated as a co-manager on an $1.0 billion fixed-to-floating rate non-cumulative perpetual preferred stock offering.  The preferred notes are rated Baa3/BBB- and carry a fixed dividend rate of 5.125% for the first 5-years and then a floating rate of 3-month Libor plus 329.2 basis points.

Bank of America intends to use the net proceeds of the offering for general corporate purposes.