Bank of America Announces Redemption of $1,500,000,000 Floating Rate Senior Notes, Due February 2026

Rhea-AI Summary

Bank of America (NYSE: BAC) has announced the redemption of $1.5 billion in Floating Rate Senior Notes, originally due February 2026. The redemption is scheduled for February 5, 2025, with payment to be made at 100% of the principal amount plus accrued and unpaid interest up to the redemption date.

The redemption will be processed through The Depository Trust Company facilities, with The Bank of New York Mellon Trust Company, N.A. serving as trustee and paying agent. Interest on these notes (CUSIP No. 06051GHB8) will cease to accrue on the redemption date.

Bank of America maintains a strong market presence with approximately 69 million consumer and small business clients, 3,700 retail financial centers, and 15,000 ATMs across the United States. The bank serves about 58 million verified digital users and supports 4 million small business households, operating in the United States, its territories, and more than 35 countries.

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In the trading session that priced this news, BAC declined 1.86%, reflecting a mild negative market reaction.

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CHARLOTTE, N.C., Jan. 21, 2025 /PRNewswire/ -- Bank of America Corporation announced today that it will redeem on February 5, 2025, all $1,500,000,000 principal amount outstanding of its Floating Rate Senior Notes, due February 2026 (CUSIP No. 06051GHB8) (the "Notes"), at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the redemption date of February 5, 2025.  Interest on the Notes will cease to accrue on the redemption date.

Payment of the redemption price for the Notes will be made through the facilities of The Depository Trust Company.  The Bank of New York Mellon Trust Company, N.A. is the trustee and paying agent for the Notes.

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 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 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).

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, 2023, 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.

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.

www.bankofamerica.com

 

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 total value of BAC's Floating Rate Senior Notes being redeemed in February 2025?

Bank of America is redeeming $1.5 billion in Floating Rate Senior Notes on February 5, 2025.

What is the redemption price for BAC's February 2026 Floating Rate Senior Notes?

The redemption price is 100% of the principal amount plus accrued and unpaid interest up to, but excluding, February 5, 2025.

When will interest cease to accrue on BAC's redeemed Floating Rate Senior Notes?

Interest on the Notes will cease to accrue on the redemption date of February 5, 2025.

How many retail financial centers does Bank of America (BAC) operate as of 2025?

Bank of America operates 3,700 retail financial centers across the United States.

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

Bank of America has approximately 58 million verified digital banking users.

How many small business households does BAC support?

Bank of America supports approximately 4 million small business households through its online products and services.