Summary
This 8-K filing from Bank of America Corporation (BAC) on August 22, 2002, primarily announces 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 $5 billion in aggregate principal amount of Series J Medium-Term Notes. These notes can be issued as either senior or subordinated debt securities, providing flexibility in the company's debt financing strategy. The filing details the establishment of the Series J Senior Medium-Term Notes under existing indentures, with The Bank of New York serving as trustee. Similarly, the Series J Subordinated Medium-Term Notes will be issued under separate, pre-existing indenture agreements. A Distribution Agreement has been put in place to govern the sales of these notes, which are unsecured debt securities registered on Form S-3 and declared effective by the SEC.
Key Highlights
- 1Bank of America Corporation authorized to issue up to $5 billion in Medium-Term Notes (MTNs).
- 2The new program includes Series J Senior Medium-Term Notes and Series J Subordinated Medium-Term Notes.
- 3The notes are unsecured debt securities.
- 4Existing indenture agreements will govern the issuance of these notes.
- 5A Distribution Agreement is in place to manage the sale of the MTNs.
- 6The MTNs are registered on a Form S-3 registration statement, declared effective on August 20, 2002.