Bank of America Announces Redemption of $2,000,000,000 3.366% Fixed/Floating Rate Senior Notes, Due January 2026

Rhea-AI Summary

Bank of America (NYSE: BAC) has announced the redemption of $2 billion in 3.366% Fixed/Floating Rate Senior Notes, originally due January 2026. The redemption is scheduled for January 23, 2025, with payment to be made at 100% of the principal amount plus accrued and unpaid interest through The Depository Trust Company facilities.

The company, serving approximately 69 million consumer and small business clients, operates through roughly 3,700 retail financial centers and 15,000 ATMs across the United States. With approximately 58 million verified digital users, Bank of America provides comprehensive financial services including banking, investing, asset management, and risk management products. The institution supports about 4 million small business households and maintains operations in the United States, its territories, and more than 35 countries.

News Market Reaction – BAC

+0.28%

+0.28% Session move

In the trading session that priced this news, BAC gained 0.28%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

CHARLOTTE, N.C., Jan. 7, 2025 /PRNewswire/ -- Bank of America Corporation announced today that it will redeem on January 23, 2025, all $2,000,000,000 principal amount outstanding of its 3.366% Fixed/Floating Rate Senior Notes, due January 2026 (CUSIP No. 06051GGZ6) (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 January 23, 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 approximately 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 (NYSE: BAC) is listed on the New York Stock Exchange.

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/bank-of-america-announces-redemption-of-2-000-000-000-3-366-fixedfloating-rate-senior-notes-due-january-2026--302344876.html

SOURCE Bank of America Corporation

FAQ

What is the redemption amount and date for BAC's 3.366% Fixed/Floating Rate Senior Notes?

Bank of America will redeem $2 billion of its 3.366% Fixed/Floating Rate Senior Notes on January 23, 2025, ahead of their original January 2026 maturity date.

What is the redemption price for BAC's January 2026 Senior Notes?

The redemption price is 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the January 23, 2025 redemption date.

How many retail financial centers and ATMs does BAC operate in 2025?

Bank of America operates approximately 3,700 retail financial centers and 15,000 ATMs across the United States.

What is BAC's 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 provides support to approximately 4 million small business households through online products and services.

How many countries does BAC operate in as of 2025?

Bank of America operates across the United States, its territories, and more than 35 countries worldwide.