On Thursday, Bank of America Corp (NYSE:BAC)’s shares declined -1.26% to $16.83.
Bank of America announced the redemption of $2.0 billion of trust preferred securities. Beginning in January of 2016, these securities, unlike the corporation’s other outstanding series of trust preferred securities, will completely phase out from regulatory capital.
As a result of the Bank of America Merrill Lynch merger in 2009, the company recorded a discount to par value as purchase accounting adjustments associated with these securities. Bank of America will record a non-cash reduction to net interest income and to pretax income of approximately $600 million in the fourth quarter of 2015 for the remaining discount to par value. The company expects to realize cash savings from lower funding costs as a result of the redemption.
The redemption affects all of the trust preferred securities of each trust listed in the table below. The redemption date for all such trust preferred securities is January 29, 2016, and the redemption price is 100 percent of the liquidation amount per trust preferred security, plus accumulated and unpaid distributions on the trust preferred securities through the redemption date.
Bank of America Corporation is a bank holding company. The company, through its auxiliaries, operates through Consumer and Business Banking; Consumer Real Estate Services; Global Wealth and Investment Administration; Global Banking; Global Markets; and Other segments. Its Consumer and Business Banking segment offers a range of deposits and consumer lending services.
Barrick Gold Corporation (USA) (NYSE:ABX)’s shares gained 0.14% to $7.38.
Barrick Gold Corporation (ABX.TO)(ABX.TO) declared the final results and settlement of its cash tender offer for specified series of outstanding notes. The terms and conditions of the Tender Offer were described in an offer to purchase and the related letter of transmittal, each dated December 1, 2015.
The Tender Offer
The Tender Offer commenced on December 1, 2015. Barrick, Barrick North America Finance LLC and Barrick (PD) Australia Finance Pty Ltd (together, the “Offerors”) offered to purchase for cash the series of Notes for an aggregate purchase price (counting principal and premium) of up to $1,150,000,000 (the “Maximum Tender Amount”), plus accrued and unpaid interest on the Notes from the last applicable interest payment date up to, but not counting, the Settlement Date. The amount of a series of Notes accepted for purchase in the Tender Offer was based on the order of priority (the “Acceptance Priority Level”) for such series of Notes as set forth in the tables below, with 1 being the highest Acceptance Priority Level and 7 being the lowest Acceptance Priority Level. Since the purchase of all of the Notes with Acceptance Priority Level 3 validly tendered and not validly withdrawn would result in an aggregate purchase price that would exceed the Maximum Tender Amount, the amount of Notes purchased in such series was prorated using the procedure more fully described in the Offer to Purchase.
Barrick Gold Corporation produces and sells gold and copper. The company is also involved in exploration and mine development activities. It conducts mining, development and exploration, and other activities in various countries, counting the United States, Canada, Australia, Argentina, Chile, Peru, the Dominican Republic, Papua New Guinea, Tanzania, Zambia, and Saudi Arabia. Its principal properties comprise Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, Veladero, Zaldívar, and Lumwana mines; and its Pascua-Lama project.
Barrick Gold Corporation produces and sells gold and copper. The company is also involved in exploration and mine development activities. It conducts mining, development and exploration, and other activities in various countries, counting the United States, Canada, Australia, Argentina, Chile, Peru, the Dominican Republic, Papua New Guinea, Tanzania, Zambia, and Saudi Arabia. Its principal properties comprise Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, Veladero, Zaldívar, and Lumwana mines; and its Pascua-Lama project.
Illinois Tool Works Inc. (NYSE:ITW)‘s shares dipped -0.55% to $92.68. The last trading range of Illinois Tool Works Inc. (NYSE:ITW) ranges between $92.41 and $93.42. The EPS of the company stands at $5.09. The 52-week range shows that the stock reached higher at $100.14 while its lower range is $78.79 in the last 52-weeks. The average volume of the company is at 1.51 million with the Outstanding Shares of 363.49 million. The market capitalization of the company is $33.69 billion. The Beta of the company stands at 1.24 with the RSI (Relative Strength Index) of 49.84.
Illinois Tool Works Inc. manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Test & Measurement and Electronics; Food Equipment; Polymers & Fluids; Welding; Construction Products; and Specialty Products.
