(Archived Content)
The offering is expected to price through a modified Dutch auction. Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) and Sandler O’Neill + Partners, L.P. (“Sandler O’Neill”) are the auction agents and joint bookrunning managers for the offering.
Merrill Lynch and Sandler O'Neill, in their capacity as auction agents, have specified that the auction will commence at 10:00 a.m., New York City time, on September 10, 2012, and will close at 6:30 p.m., New York City time, on September 12, 2012 (the “submission deadline”). During the auction period, potential bidders for the preferred stock will be able to place bids on the offered preferred stock (in increments of whole shares) at any price per share (in increments of $0.01) at or above the minimum prices set forth in the applicable preliminary prospectus supplements.
At settlement, winning bidders will be required to pay the clearing price for the preferred stock plus accrued and unpaid dividends on the preferred stock from and including August 15, 2012. Investors may bid on individual or multiple preferred stock positions.
The auction procedure and terms of the preferred stock are described in the preliminary prospectus supplement referenced below.
The preferred stock is being offered pursuant to an effective shelf registration statement that has been filed by the applicable issuer with the Securities and Exchange Commission (the “SEC”).
A preliminary prospectus supplement related to the offering has been filed by the issuer with the SEC and will be available on the SEC’s website at http://www.sec.gov.
Copies of the final prospectus supplements relating to the offerings may be obtained, when available, from Merrill Lynch via email at dg.prospectus_requests@baml.com or (800) 294-1322 or from Sandler O’Neill via email at syndicate@sandleroneill.com or (866) 805-4128.
Before you invest, you should read the prospectus and prospectus supplement in the registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and the preferred stock.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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