8-KOther Events

BANK OF AMERICA CORP /DE/ 8-K Report (Apr 16, 2004)

Filed April 16, 2004For 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 16, 2004, announces the approval by a Committee of the Board of Directors to implement a new series of medium-term notes. This program allows for the issuance of up to $10 billion in aggregate principal amount of debt securities, which can be either senior or subordinated notes, designated as Series K. The issuance is governed by existing indentures and a new distribution agreement. These medium-term notes are unsecured debt securities registered on Form S-3, which was declared effective on April 14, 2004. This action indicates Bank of America's intent to access capital markets for funding purposes through the issuance of debt.

Key Highlights

  • 1Bank of America approved a new medium-term note program with a total issuance capacity of up to $10 billion.
  • 2The notes can be issued as either senior or subordinated debt securities, designated as Series K.
  • 3The program allows for the flexible issuance of notes, with terms and conditions to be determined by designated officers.
  • 4The notes are unsecured debt securities.
  • 5The issuance is covered by an effective Form S-3 registration statement filed with the SEC.
  • 6Existing indentures and a new distribution agreement govern the terms of the notes.
  • 7This filing signals an active capital-raising strategy for the company.

Frequently Asked Questions

The primary purpose of this 8-K filing is to inform investors that Bank of America's Board of Directors Committee has approved the implementation of a new medium-term note program, allowing the company to issue up to $10 billion in debt securities.

Under this program, Bank of America can issue both senior and subordinated debt securities, collectively designated as Series K Medium-Term Notes.

The Medium-Term Notes issued under this program are unsecured debt securities.

The notes can be issued from time to time. Specific pricing, terms, and conditions, along with the method of distribution, will be established by certain designated officers of Bank of America.