Nov. 3 (Bloomberg) -- Bank of America Corp. said it may exchange some of its preferred stock for 400 million common shares or $3 billion in senior notes.
The bank, ranked second by assets in the U.S., disclosed the possibility in a federal regulatory filing today. Bank of America is based in Charlotte, North Carolina.
“The uncertainty in the market evidenced by, among other things, volatility in credit spread movements, makes it economically advantageous at this time to consider retirement of issued junior subordinated debt and preferred stock,” the bank said.
To contact the reporter on this story: Hugh Son in New York at email@example.com
To contact the editor responsible for this story: Rick Green at firstname.lastname@example.org