Bank of America, N.A. Announces Redemption of 3.335% Fixed/Floating Rate Senior Bank Notes, due January 2023

Rhea-AI Summary

Bank of America announced the redemption of $500 million in 3.335% Fixed/Floating Rate Senior Bank Notes due January 2023. The redemption will occur on January 25, 2022, at a price equal to 100% of the principal amount, plus accrued interest. Payment for the redemption will be facilitated through The Depository Trust Company. This move reflects the bank's strategic financial management.

Positive

• Bank is redeeming $500 million in senior bank notes, indicating strong liquidity.
• Redemption price set at 100% of principal, showcasing financial stability.

Negative

• None.

CHARLOTTE, N.C., Jan. 6, 2022 /PRNewswire/ -- Bank of America, N.A. announced today that it will redeem all $500,000,000 principal amount outstanding of its 3.335% Fixed/Floating Rate Senior Bank Notes, due January 2023 (CUSIP No. 06050TMJ8) (the "Notes"), on January 25, 2022, 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 25, 2022. 

Payment of the redemption price for the Notes will be made through the facilities of The Depository Trust Company.  Bank of America, N.A. (Global Custody and Agency Services) is the U.S. registrar and paying agent for the Notes.

Bank of America

Bank of America Corporation, the parent company of Bank of America, N.A., 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 66 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile 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 approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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www.bankofamerica.com

Investors May Contact:
Lee McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com

Jonathan Blum, Bank of America (Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com

Reporters May Contact:
Jerry Dubrowski, Bank of America 
Phone: 1.646.855.1195 (office) or 1.508.843.5626 (mobile)
jerome.f.dubrowski@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 on January 6, 2022 regarding BAC?

Bank of America is redeeming $500 million of its 3.335% Fixed/Floating Rate Senior Bank Notes due January 2023.

When will Bank of America redeem its 3.335% Senior Bank Notes?

The redemption will take place on January 25, 2022.

What is the total amount being redeemed by Bank of America?

Bank of America is redeeming a total of $500 million.

What will be the redemption price for the Bank of America notes?

The redemption price will be 100% of the principal amount plus accrued interest.