Summary
This Form 8-K filing by Bank of America Corporation (BAC) on June 19, 2006, reports on the approval and public offering of $2,000,000,000 of Floating Rate Callable Senior Notes due June 2009. The notes were approved by a Board-appointed committee on June 13, 2006, and an underwriting agreement was subsequently executed with various underwriters. This offering falls under a previously established shelf registration statement (Registration No. 333-112708) allowing for the delayed offering of up to $30,000,000,000 in various debt and equity securities. For investors, this signifies Bank of America's ongoing strategy to access capital markets to fund its operations and growth, utilizing existing shelf registration facilities. The issuance of senior notes indicates a move to secure long-term debt financing.
Key Highlights
- 1Bank of America Corporation announced the public offering of $2 billion in Floating Rate Callable Senior Notes due June 2009.
- 2The offering was approved by a Board of Directors committee on June 13, 2006.
- 3An underwriting agreement was executed with various underwriters on June 13, 2006.
- 4The notes are issued under the company's shelf registration statement (Registration No. 333-112708), which allows for delayed offerings of up to $30 billion in various securities.
- 5The issuance utilizes a standard 'delayed basis' offering under Rule 415 of the Securities Act of 1933.
- 6Exhibits filed include the Underwriting Agreement, the form of the Senior Note, and a legal opinion from Helms Mulliss & Wicker, PLLC.