8-KOther Events

BANK OF AMERICA CORP /DE/ 8-K Report (Apr 23, 2002)

Filed April 23, 2002For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

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.

Frequently Asked Questions

The primary purpose of this 8-K filing is to publicly announce Bank of America Corporation's decision to issue $1 billion in 6¼% Senior Notes due 2012, along with the related underwriting agreement and board committee approval.

The key terms include an aggregate principal amount of $1,000,000,000, a coupon rate of 6¼%, and a maturity date in 2012. These are designated as Senior Notes.

The debt is being issued under Bank of America's existing shelf registration statement (Registration No. 333-83503) for unsecured debt securities, warrants, units, and equity. The specific terms of this offering were approved by a committee of the Board of Directors on April 17, 2002.

For investors, this indicates that Bank of America is raising capital through the debt markets. The 6¼% Senior Notes due 2012 represent a new debt instrument for the company, and their specific covenants and repayment terms are detailed in the related prospectus supplement.