8-KOther Events

BANK OF AMERICA CORP /DE/ 8-K Report (Nov 12, 2002)

Filed November 12, 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, filed on November 12, 2002, primarily announces the successful completion of a public offering of $500,000,000 in aggregate principal amount of 5 1/8% Senior Notes due 2014. This offering was approved by a Board of Directors' Committee on November 1, 2002, and the terms were established with various underwriters. The issuance of these notes was conducted under the company's existing shelf registration statement (Registration No. 333-97197), indicating ongoing access to capital markets for debt issuance. The filing includes key documentation such as the Underwriting Agreement, the form of the Senior Note, a legal opinion, and resolutions from the board committee. This action demonstrates Bank of America's ability to raise substantial capital through debt markets, likely to support its ongoing operations, strategic initiatives, or to refinance existing debt. Investors should note the specific coupon rate and maturity date of these notes as indicative of the company's cost of debt and its long-term financing structure.

Key Highlights

  • 1Bank of America Corporation (BAC) issued $500,000,000 in aggregate principal amount of 5 1/8% Senior Notes due 2014.
  • 2The offering was approved by a committee of the Board of Directors on November 1, 2002.
  • 3An Underwriting Agreement was executed with various underwriters for the sale of these notes.
  • 4The notes were issued under the company's existing shelf registration statement (Registration No. 333-97197), filed on Form S-3.
  • 5This filing indicates proactive capital management and access to public debt markets by Bank of America.
  • 6Key exhibits include the Underwriting Agreement, the form of the note, and a legal opinion on the notes.

Frequently Asked Questions

The primary purpose of this 8-K filing was to announce and provide details regarding Bank of America's public offering of $500,000,000 of 5 1/8% Senior Notes due 2014.

The Senior Notes were approved for offering on November 1, 2002, and are due in 2014. The specific issuance date would be around November 1, 2002, as detailed in the underwriting agreement.

These notes were issued under Bank of America's shelf registration statement on Form S-3, Registration No. 333-97197, which allows for the delayed offering of various debt and equity securities.

This issuance signifies that Bank of America had ready access to capital markets and was actively managing its debt structure. The 5 1/8% coupon rate provides insight into the company's cost of long-term borrowing at that time.