Form 4: Bank of America Corp Reports Disposal of Invesco California Value Municipal Income Trust Shares
SEC Form 4 Filing
Bank of America Corp reports the disposal of 313 Variable Rate Muni Term Preferred Shares of Invesco California Value Municipal Income Trust due to redemption by the issuer.
Summary
- Bank of America Corp, along with its subsidiary Banc of America Preferred Funding Corporation (PFC), filed a Form 4 detailing changes in beneficial ownership of Invesco California Value Municipal Income Trust shares.
- PFC disposed of 313 Variable Rate Muni Term Preferred Shares (VMTP Shares) due to redemption by the issuer on May 31, 2024.
- The redemption price was $100,373.72 per share, including a liquidation preference of $100,000.00 and accumulated unpaid dividends of $373.72.
- Bank of America Corporation held an indirect interest in these securities through its wholly-owned subsidiary, PFC.
- The filing also includes a joint filing agreement between Bank of America Corporation and PFC.
Sentiment
Score: 6
Explanation: The document is a standard regulatory filing related to a planned redemption of shares. The sentiment is neutral as it reflects routine corporate actions.
Future Outlook
Each reporting person is currently analyzing additional trading activity and expect to file another Form 4 as promptly as reasonably practicable once that analysis is complete.
Industry Context
This filing reflects standard reporting requirements for significant changes in beneficial ownership by major shareholders in publicly traded companies. The redemption of preferred shares is a common corporate action that can impact a company's capital structure.
Stakeholder Impact
- Shareholders of Invesco California Value Municipal Income Trust may be impacted by the redemption of preferred shares, potentially affecting dividend payouts or share value.
- The redemption impacts Banc of America Preferred Funding Corporation as it reduces their holdings in the trust.
Next Steps
- Bank of America Corporation and PFC will continue to analyze trading activity and file another Form 4 if necessary.
Key Dates
| Date | Description |
|---|---|
| 05/01/2024 | Invesco California Value Municipal Income Trust filed a Notice of Intention to Redeem Securities with the SEC. |
| 05/31/2024 | Date of the transaction where 313 VMTP Shares held by PFC were redeemed by the Issuer. |
| 06/04/2024 | Date of the Joint Filing Agreement and signatures on the Form 4. |
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