Summary
This 8-K filing from Bank of America Corporation (BAC) on April 23, 2002, primarily announces the company's action to publicly offer $1,000,000,000 in aggregate principal amount of 6¼% Senior Notes due 2012. The offering was approved by a Committee of the Board of Directors on April 17, 2002, and an underwriting agreement was subsequently entered into with various underwriters. This debt issuance represents a significant capital raising activity for the company. Investors should note that these notes are senior unsecured debt, and their terms are detailed in a prospectus supplement dated April 17, 2002, filed under an existing shelf registration statement (Registration No. 333-83503). This action indicates Bank of America's strategy to manage its capital structure and fund its operations or growth initiatives through the debt markets.
Key Highlights
- 1Bank of America Corporation is issuing $1,000,000,000 of 6¼% Senior Notes due 2012.
- 2The offering was approved by a committee of the Board of Directors on April 17, 2002.
- 3An underwriting agreement for the sale of these notes was executed on April 17, 2002.
- 4The notes are being offered to various underwriters.
- 5The issuance is being made under an existing shelf registration statement (Registration No. 333-83503) on a delayed basis.
- 6The terms of the offering and the notes are further described in a prospectus supplement dated April 17, 2002.