A $350 million issue of BankAmerica Corp. preferred stock was priced Tuesday through underwriters led by Merrill Lynch & Co.
The 14 million shares of $25-a-share depository preferred stock were priced to yield of 7.875%, the rate at which the issue was originally marketed. The size of the issue was increased from $300 million.
Each share represents a 1/20th interest in a share of BankAmerica cumulative preferred stock, Series M. Each preferred share will have a stated value of $500, equivalent to $25 for each depositary share.
Separately Tuesday, MBNA Corp. issued $150 million of senior notes through underwriters led by Merrill Lynch.
The seven-year notes were priced to yield 6.90%, 90 basis points above the yield on seven-year U.S. Treasury notes. It is rated Baa2 by Moody's Investors Service Inc. and BBB by Standard & Poor's Corp.