Bank of America Announces Redemptions of Floating Rate Senior Notes Due July 2024 and 3.864% Fixed/Floating Rate Senior Notes Due July 2024

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Bank of America Corporation announced the redemption of its Floating Rate Senior Notes and Fixed/Floating Rate Senior Notes due July 2024. The redemption price will be equal to 100% of the principal amount, plus accrued and unpaid interest. Interest on the Notes will cease to accrue on the redemption date.

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• Bank of America will redeem all $500,000,000 principal amount outstanding of its Floating Rate Senior Notes and all $2,500,000,000 principal amount outstanding of its 3.864% Fixed/Floating Rate Senior Notes on July 23, 2023. The redemption price for each series of the Notes will be equal to 100% of the principal amount, plus accrued and unpaid interest. Interest on the Notes will cease to accrue on the redemption date.

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CHARLOTTE, N.C., July 6, 2023 /PRNewswire/ -- Bank of America Corporation announced today that it will redeem on July 23, 2023 all $500,000,000 principal amount outstanding of its Floating Rate Senior Notes, due July 2024 (CUSIP No. 06051GHK8) (the "Floating Rate Notes"), and all $2,500,000,000 principal amount outstanding of its 3.864% Fixed/Floating Rate Senior Notes, due July 2024 (CUSIP No. 06051GHL6) (the "Fixed/Floating Rate Notes" and, together with the Floating Rate Notes, the "Notes"). 

The redemption price for each series of the Notes will be equal to 100% of the principal amount of such series, plus accrued and unpaid interest to, but excluding, the redemption date of July 23, 2023.  Since July 23, 2023 is not a business day, the redemption price together with accrued and unpaid interest will be paid on the next succeeding business day, July 24, 2023. Interest on each series of 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 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs, and award-winning digital banking with approximately 56 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 3 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, 2022, 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:

Bill Halldin, Bank of America
Phone: 1.916.724.0093
william.halldin@bofa.com

Christopher P. Feeney, Bank of America
Phone: 1.980.386.6794
christopher.feeney@bofa.com

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SOURCE Bank of America Corporation

FAQ

What is Bank of America announcing?

Bank of America is announcing the redemption of its Floating Rate Senior Notes and Fixed/Floating Rate Senior Notes due July 2024.

When will the redemption take place?

The redemption will take place on July 23, 2023.

What is the redemption price for the Notes?

The redemption price for each series of the Notes will be equal to 100% of the principal amount, plus accrued and unpaid interest.

What will happen to the interest on the Notes?

Interest on the Notes will cease to accrue on the redemption date.