Summary
Bank of America Corporation (BAC) filed an 8-K on August 9, 2005, to report an amendment to its Euro Medium-Term Note Program. The primary disclosure is the increase in the maximum aggregate principal amount authorized to be outstanding under the program from a previous undisclosed limit to U.S. $20 billion. This expansion allows the company greater flexibility in accessing international capital markets for funding needs. The company stated that as of August 4, 2005, approximately U.S. $10.1 billion was outstanding, leaving roughly U.S. $9.9 billion available for future issuance under this program. These notes are issued under Regulation S and are not registered in the United States.
Key Highlights
- 1Bank of America increased its Euro Medium-Term Note Program authorization to U.S. $20 billion.
- 2This program allows for the issuance of senior and subordinated debt securities in international markets.
- 3As of August 4, 2005, approximately U.S. $10.1 billion of notes were outstanding under the program.
- 4This leaves approximately U.S. $9.9 billion available for future issuance.
- 5The notes are issued pursuant to Regulation S and are not registered under the Securities Act of 1933.
- 6The Amended and Restated Agency Agreement is effective as of August 4, 2005.