Bank of America Announces Redemption of €1.25 Billion of 0.808% Fixed/Floating Rate Senior Notes, Due May 9, 2026

Rhea-AI Summary

Bank of America (NYSE: BAC) has announced the redemption of €1.25 billion of its 0.808% Fixed/Floating Rate Senior Notes, originally due May 9, 2026. The redemption will take place on May 9, 2025, with noteholders receiving €1,000 per €1,000 Calculation Amount plus accrued interest.

The Notes, issued under BAC's €65 billion Euro Medium-Term Note Program, will cease interest accrual on the redemption date. Payments will be processed through Euroclear Bank SA/NV and Clearstream Banking, with Citibank serving as Principal Agent. The bank will request delisting from the Financial Conduct Authority's Official List and the London Stock Exchange.

Bank of America serves approximately 69 million consumer and small business clients through 3,700 retail centers and 15,000 ATMs, with 59 million verified digital users. The bank operates across the US and more than 35 countries, providing banking, investing, asset management, and risk management services.

News Market Reaction – BAC

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In the trading session that priced this news, BAC gained 3.79%, reflecting a moderate positive market reaction.

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CHARLOTTE, N.C., April 22, 2025 /PRNewswire/ -- Bank of America Corporation announced today that it will redeem on May 9, 2025 all €1,250,000,000 principal amount outstanding of its 0.808% Fixed/Floating Rate Senior Notes, due May 9, 2026 (ISIN: XS1991265478; Common Code: 199126547) (the "Notes"). 

The Notes were issued under the Bank of America Corporation U.S. $65,000,000,000 Euro Medium-Term Note Program. The redemption price for the Notes will be equal to the Optional Redemption Amount of €1,000 per €1,000 Calculation Amount (as specified in the applicable Final Terms dated May 8, 2019), plus accrued and unpaid interest to, but excluding, the redemption date of May 9, 2025. Interest on the Notes will cease to accrue on the redemption date.

Payment of the redemption price for the Notes will be made in accordance with the applicable procedures of Euroclear Bank SA/NV and Clearstream Banking, S.A.

Citibank, N.A., London Branch is the Principal Agent for the Notes and Citibank Europe plc is the Registrar for the Notes.

Bank of America Corporation will request the Financial Conduct Authority (the "FCA") to cancel the listing of the Notes on the Official List of the FCA and the London Stock Exchange (the "Exchange") to cancel the admission to trading on the regulated market of the Exchange as soon as practicable after the redemption date.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Forward-Looking Statements

Certain information contained in this news release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions difficult to predict or beyond our control. You should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks discussed under Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 and in any of our subsequent Securities and Exchange Commission filings. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

Investors May Contact:

Lee McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com

Jonathan G. Blum, Bank of America (Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com

Reporters May Contact:

Jocelyn Seidenfeld, Bank of America
Phone: 1.646.743.3356
jocelyn.seidenfeld@bofa.com

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SOURCE Bank of America Corporation

FAQ

What is the redemption amount for Bank of America's (BAC) Euro Notes in 2025?

Bank of America will redeem €1.25 billion of 0.808% Fixed/Floating Rate Senior Notes at €1,000 per €1,000 Calculation Amount, plus accrued interest up to May 9, 2025.

When will BAC's Euro Notes stop accruing interest?

Interest on the Notes will cease to accrue on the redemption date of May 9, 2025.

How many retail financial centers does Bank of America (BAC) operate?

Bank of America operates approximately 3,700 retail financial centers and 15,000 ATMs across its network.

What is Bank of America's (BAC) current digital banking presence?

Bank of America has approximately 59 million verified digital users and provides digital banking services to about 69 million consumer and small business clients.

How will BAC process the Euro Notes redemption payments?

Payments will be processed through Euroclear Bank SA/NV and Clearstream Banking, S.A., with Citibank, N.A., London Branch serving as Principal Agent.