BankAmerica Corp. said it plans to offer 12 million depositary shares, each representing a one-twentieth interest in a share of BankAmerica cumulative preferred stock, series L.
Each preferred share will have a stated value of $500 (equivalent to $25 for each depositary share) and a fixed dividend rate.
The terms of the series L preferred stock will be established after an initial marketing period.
It is planned that this issue will be placed through an underwriting syndicate lead-managed by Merrill Lynch & Co. and co-managed by Kidder, Peabody & Co.; Lehman Brothers: PainWebber Inc.; Prudential Inc.; Smith Barney, Harris Upham & Co.; and Dean Witter Reynolds Inc.
