8-KOther Events

BANK OF AMERICA CORP /DE/ 8-K Report (Jan 29, 2004)

Filed January 29, 2004For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

Bank of America Corporation (BAC) filed an 8-K report on January 29, 2004, to disclose a significant debt issuance. The company's Board of Directors' Committee approved the public offering of $1 billion in 3 3/8% Senior Notes due in 2009. This offering is part of a larger shelf registration filed previously, allowing for the issuance of various debt and equity securities up to an aggregate initial offering price of $20 billion. The issuance of these Senior Notes is a strategic move to manage the company's capital structure and potentially fund operations or acquisitions. The terms of the notes and the underwriting agreement were finalized on January 22, 2004. Investors should note that this filing primarily concerns the details of this specific debt issuance and its legal documentation, rather than announcing new financial results or significant business operational changes.

Key Highlights

  • 1Bank of America Corporation (BAC) announced the public offering of $1 billion in Senior Notes.
  • 2The Senior Notes have a coupon rate of 3 3/8% and mature in 2009.
  • 3The offering was approved by a Committee of the Board of Directors on January 22, 2004.
  • 4An underwriting agreement for the Senior Notes was executed on January 22, 2004.
  • 5The issuance is part of a broader shelf registration (Registration No. 333-97197) allowing for up to $20 billion in various debt and equity offerings.
  • 6The filing includes key exhibits such as the underwriting agreement, form of the note, legal opinion, board resolutions, and a news release.
  • 7This 8-K filing pertains to a debt financing event, not new financial performance reporting.

Frequently Asked Questions

This 8-K filing primarily serves to formally announce and provide details regarding Bank of America's decision to publicly offer $1 billion in 3 3/8% Senior Notes due in 2009, along with related legal documentation and approvals.

The offering indicates Bank of America's active management of its balance sheet and capital structure. It provides a significant amount of funding at a specific interest rate, which could be used for various corporate purposes, such as refinancing existing debt, funding growth initiatives, or general corporate operations. The fixed rate also offers a predictable cost of borrowing.

This $1 billion note issuance is conducted under a previously filed shelf registration statement (Registration No. 333-97197), which permits the company to issue up to $20 billion in various types of debt and equity securities over time. This indicates a flexible and ongoing approach to capital raising and financial management.

More detailed information can be found in the exhibits filed with this 8-K report. Specifically, Exhibit 1.1 contains the Underwriting Agreement, Exhibit 4.1 is the form of the Senior Note, and Exhibit 99.1 includes the resolutions from the Board of Directors' Committee approving the terms of the offering. A news release is also included as Exhibit 99.2.