Bank of America Announces Redemption of CAD550,000,000 3.515% Fixed/Floating Rate Senior Notes, Due March 2026

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Bank of America (NYSE: BAC) has announced the redemption of CAD550,000,000 3.515% Fixed/Floating Rate Senior Notes, originally due March 2026. The redemption will take place on March 24, 2025, with a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to the redemption date.

The redemption process will be handled through CDS Clearing and Depository Services Inc., with The Bank of New York Mellon Trust Company, N.A. serving as trustee and BNY Trust Company of Canada as the paying agent. Interest on the Notes will cease to accrue on the redemption date.

Bank of America serves approximately 69 million consumer and small business clients through 3,700 retail financial centers and 15,000 ATMs, with approximately 58 million verified digital users. The bank operates across the United States and more than 35 countries, providing comprehensive banking, investing, asset management, and risk management services.

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CHARLOTTE, N.C., Feb. 20, 2025 /PRNewswire/ -- Bank of America Corporation announced today that it will redeem on March 24, 2025 all CAD550,000,000 principal amount outstanding of its 3.515% Fixed/Floating Rate Senior Notes, due March 2026 (CUSIP No. 060505FS8, ISIN: CA060505FS82) (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 March 24, 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 CDS Clearing and Depository Services Inc. The Bank of New York Mellon Trust Company, N.A. is the trustee and BNY Trust Company of Canada is the 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.

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

When will BAC redeem its CAD550 million Fixed/Floating Rate Senior Notes?

Bank of America will redeem the notes on March 24, 2025, ahead of their original March 2026 maturity date.

What is the redemption price for BAC's CAD550 million Senior Notes?

The redemption price is 100% of the principal amount plus accrued and unpaid interest up to, but excluding, March 24, 2025.

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

Bank of America operates 3,700 retail financial centers across its network.

What is the current number of verified digital users for BAC's digital banking services?

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

How many countries does Bank of America (BAC) operate in as of 2025?

Bank of America operates across the United States and in more than 35 countries worldwide.