Summary
This Form 8-K filing from Bank of America Corporation (BAC), dated June 14, 2001, reports on the approval and implementation of a new medium-term note (MTN) program. A Committee of the Board of Directors authorized the issuance of up to $3,000,000,000 in aggregate principal amount of Senior Medium-Term Notes and/or Subordinated Medium-Term Notes, Series I. This action allows BAC to access significant debt capital through established indentures and a new distribution agreement. The notes will be unsecured debt securities and are registered under existing SEC registration statements. This move provides BAC with flexibility in its funding strategies by enabling it to tap the debt markets for substantial capital, potentially to support its ongoing operations, strategic initiatives, or balance sheet management.
Key Highlights
- 1Bank of America Corporation authorized the issuance of up to $3 billion in Medium-Term Notes (MTNs).
- 2The MTNs can be issued as either Senior or Subordinated debt securities, designated as Series I.
- 3The issuance is governed by existing indentures dating back to January 1, 1995, with supplemental indentures in place.
- 4A Distribution Agreement was entered into on June 5, 2001, to govern the sales of these notes.
- 5The notes are unsecured debt securities registered under SEC Form S-3.
- 6The capital raised will be allocated under existing registration statements, utilizing remaining unissued securities capacity.
- 7The approval was granted by a Committee of the Board of Directors on May 30, 2001.