8-KOther Events

BANK OF AMERICA CORP /DE/ 8-K Report (Jan 23, 2003)

Filed January 23, 2003For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

This Bank of America Corporation (BAC) 8-K filing from January 23, 2003, primarily announces the company's action to publicly offer $1,000,000,000 in 4 7/8% Senior Notes due 2013. This offering was approved by a Board of Directors Committee on January 16, 2003, and an underwriting agreement was subsequently entered into. The notes were issued under a previously established shelf registration statement on Form S-3. For investors, this filing signals Bank of America's ongoing capital markets activity and its strategy to manage its debt structure. The issuance of senior notes indicates the company's need for funding, potentially to support its lending activities, acquisitions, or other strategic initiatives. The specific terms, including the interest rate and maturity date, provide insight into the cost of this debt and its duration.

Key Highlights

  • 1Bank of America Corporation (BAC) announced the public offering of $1,000,000,000 of 4 7/8% Senior Notes due 2013.
  • 2The offering was approved by a Committee of the Board of Directors on January 16, 2003.
  • 3An underwriting agreement was executed on January 16, 2003, with various underwriters.
  • 4The notes are issued pursuant to a previously filed shelf registration statement on Form S-3 (Registration No. 333-97197).
  • 5This filing includes the Underwriting Agreement, forms of the notes, legal opinions, and board resolutions as exhibits.
  • 6The issuance of these senior notes represents a significant debt financing event for the company.

Frequently Asked Questions

This 8-K filing serves to report a material event, specifically the approval and execution of an underwriting agreement for the public offering of $1 billion in senior notes by Bank of America Corporation.

The Senior Notes have a principal amount of $1,000,000,000, bear an interest rate of 4 7/8% per annum, and mature in 2013.

This issuance provides Bank of America with substantial capital. It can be used for various corporate purposes, such as funding operations, making acquisitions, or strengthening its balance sheet. It also adds to the company's overall debt obligations.

The 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 securities.