BankAmerica Corp. announced Tuesday it plans to sell $150 million in preferred stock.
The company will issue 6 million depositary shares, each carrying a one-20th interest in a share of BankAmerica cumulative preferred stock, series N.
BankAmerica has raised $3 billion in capital through public offerings this year.
Each preferred share will have a stated value of $500 (equivalent to $25 for each depositary share) and a fixed dividend rate. Market sources said initial price talk was for a dividend yield of 8.50%.
The lead manager is Merrill Lynch & Co. Co-managers are Bear, Stearns & Co.; Kidder, Peabody & Co.; Lehman Brothers Inc.; PaineWebber Inc.; Prudential Securities Inc.; Salomon Brothers Inc.; Smith Barney, Harris Upham & Co., and Dean Witter Reynolds Inc.