Bank of America Announces Redemption of €1.5 Billion of Floating Rate Senior Notes, Due August 24, 2025

Rhea-AI Summary

Bank of America (NYSE: BAC) has announced the redemption of €1.5 billion of Floating Rate Senior Notes due August 24, 2025. The redemption will occur on August 24, 2024, with payment on August 27, 2024, due to the original date falling on a non-business day. The redemption price will be €1,000 per €1,000 Calculation Amount, plus accrued and unpaid interest.

The Notes were issued under Bank of America's €65 billion Euro Medium-Term Note Program. Following the redemption, Bank of America will request the cancellation of the Notes' listing on the Official List of the Financial Conduct Authority and their trading on the London Stock Exchange's regulated market.

Bank of America serves approximately 69 million consumer and small business clients in the United States, with about 3,800 retail financial centers and 15,000 ATMs. The company is a global leader in wealth management, corporate and investment banking, and trading across various asset classes.

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CHARLOTTE, N.C., Aug. 16, 2024 /PRNewswire/ -- Bank of America Corporation announced today that it will redeem on August 24, 2024 all €1,500,000,000 principal amount outstanding of its Floating Rate Senior Notes, due August 24, 2025 (ISIN: XS2345784057; Common Code: 234578405) (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 20, 2021), plus accrued and unpaid interest to, but excluding, the redemption date of August 24, 2024.  Since August 24, 2024 is not a business day, the redemption price for the Notes will be paid on the next succeeding business day, August 27, 2024.  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 3,800 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 

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SOURCE Bank of America Corporation

FAQ

What is the total amount of Floating Rate Senior Notes being redeemed by Bank of America (BAC)?

Bank of America (BAC) is redeeming €1.5 billion of Floating Rate Senior Notes due August 24, 2025.

When will Bank of America (BAC) redeem the Floating Rate Senior Notes?

Bank of America (BAC) will redeem the Floating Rate Senior Notes on August 24, 2024, with payment on August 27, 2024, due to the original date falling on a non-business day.

What is the redemption price for Bank of America's (BAC) Floating Rate Senior Notes?

The redemption price for Bank of America's (BAC) Floating Rate Senior Notes is €1,000 per €1,000 Calculation Amount, plus accrued and unpaid interest.

Under which program were the Floating Rate Senior Notes issued by Bank of America (BAC)?

The Floating Rate Senior Notes were issued under Bank of America's (BAC) €65 billion Euro Medium-Term Note Program.

What actions will Bank of America (BAC) take regarding the listing of the redeemed Notes?

Bank of America (BAC) will request the cancellation of the Notes' listing on the Official List of the Financial Conduct Authority and their trading on the London Stock Exchange's regulated market after the redemption.