July 26, 2006 at 16:50 PM EDT
Bank of America Announces the Pricing of $750 Million in Capital Securities

CHARLOTTE, N.C., July 26 /PRNewswire/ -- Bank of America Corporation today announced the pricing of an offering of $750 million aggregate liquidation amount of capital securities of BAC Capital Trust XII. The securities are being offered for sale in the United States. BAC Capital Trust XII has offered 30 million capital securities. Each capital security will have a liquidation preference of $25.

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The annual distribution rate on the capital securities is 6.875 percent. Distributions will be paid quarterly on February 2, May 2, August 2 and November 2 of each year, beginning on November 2, 2006. The proceeds from the sale of the capital securities will be invested in Bank of America Corporation junior subordinated notes which are held by the Trust and are scheduled to mature in August 2055.

The capital securities are being underwritten by Banc of America Securities LLC and Incapital LLC as joint lead managers, A.G. Edwards, Citigroup, Merrill Lynch & Co., Morgan Stanley, UBS Investment Bank and Wachovia Securities as senior co-managers, and Bear, Stearns & Co. Inc., Goldman, Sachs & Co., HSBC, Lehman Brothers, RBC Capital Markets and Wells Fargo Securities as junior co-managers. Closing is scheduled for August 2, 2006.

Bank of America intends to list the capital securities on the New York Stock Exchange under the symbol BAC PrC.

Copies of the prospectus relating to the offering may be obtained from Banc of America Securities LLC, 100 West 33rd Street, 3rd Floor New York, New York 10001, by calling 1-800-294-1322 or you may email a request to dg.prospectus_distribution@bofasecurities.com.

Bank of America Corporation is a bank holding company and a financial holding company. The company provides a diversified range of banking and nonbanking financial services and products in 30 states, the District of Columbia, and 44 foreign countries. The company provides these services and products through three business segments: Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management. Bank of America Corporation common stock (NYSE:BAC) is listed on the New York Stock Exchange.

Source: Bank of America

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