Summary
This 8-K filing from Bank of America (BAC) on May 19, 2005, reports on the issuance of new debt under its existing Euro Medium-Term Note Program. Specifically, the company issued €750 million in floating-rate senior notes due in May 2010. These notes carry interest at a rate of 3-month EURIBOR plus 0.125 percent, payable quarterly. Following this issuance, Bank of America had approximately $10.2 billion in outstanding debt under this program, which has a total capacity of $25 billion.
Key Highlights
- 1Bank of America issued €750 million in senior notes due May 2010.
- 2The notes are floating rate, tied to 3-month EURIBOR plus a 0.125% spread.
- 3Interest payments on the new notes are made quarterly.
- 4The issuance occurred under the company's existing $25 billion Euro Medium-Term Note Program.
- 5Following the issuance, outstanding debt under the program reached approximately $10.2 billion.
- 6These notes are not registered under the U.S. Securities Act of 1933 and are subject to Regulation S, meaning they are not offered or sold to U.S. persons without registration or an exemption.