8-KOther Events

BANK OF AMERICA CORP /DE/ 8-K Report (Oct 10, 2001)

Filed October 10, 2001For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

This 8-K filing by Bank of America Corporation (BAC) on October 10, 2001, reports on the approval and execution of a public offering for $1,000,000,000 in aggregate principal amount of its 4 3/4% Senior Notes, due 2006. This action was approved by a Committee of the Board of Directors on October 3, 2001, and an underwriting agreement was subsequently entered into with various underwriters. The offering was made pursuant to a shelf registration statement (Registration No. 333-83503) filed earlier, allowing for the delayed issuance of various debt and equity securities. The filing provides details on the terms of the notes and the underwriting agreement, along with supporting exhibits including the form of the note, legal opinions, and a related news release. This issuance of senior notes indicates Bank of America's strategy to raise capital through debt markets.

Key Highlights

  • 1Bank of America is issuing $1 billion in 4 3/4% Senior Notes due 2006.
  • 2The offering was approved by a Board Committee on October 3, 2001.
  • 3An underwriting agreement for the notes has been executed with various underwriters.
  • 4The notes are being issued under a pre-existing shelf registration statement (Form S-3, No. 333-83503).
  • 5This action signifies Bank of America's use of debt markets to secure funding.
  • 6Supporting documents include the underwriting agreement, form of note, legal opinion, and a news release.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce and provide details regarding Bank of America's public offering of $1,000,000,000 in 4 3/4% Senior Notes due 2006, including the approval and execution of the related underwriting agreement.

The Senior Notes have a principal amount of $1,000,000,000, carry a coupon rate of 4 3/4%, and are due in 2006. The specific terms were established by a Committee of the Board of Directors.

The notes are being issued under Bank of America's shelf registration statement on Form S-3, Registration No. 333-83503, which was previously filed and allows for the delayed offering of various debt and equity securities.

This debt issuance indicates that Bank of America was actively utilizing the debt capital markets to raise funds. Issuing senior notes is a common method for large corporations to finance operations, investments, or refinance existing debt.