8-KOther EventsExhibits & Filings

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Jun 19, 2006)

Filed June 19, 2006For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

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.

Frequently Asked Questions

The filing reports the public offering of an aggregate principal amount of $2,000,000,000 of Floating Rate Callable Senior Notes, with a maturity due in June 2009.

These notes are being offered under Bank of America's shelf registration statement on Form S-3, Registration No. 333-112708, which was filed previously and allows for delayed offerings of various debt and equity securities.

'Floating Rate' indicates that the interest rate on the notes will adjust periodically based on a benchmark interest rate. 'Callable' means that Bank of America has the right, but not the obligation, to redeem these notes before their maturity date. 'Senior Notes' means they rank as senior unsecured debt in the company's capital structure.

The key exhibits filed are the Underwriting Agreement detailing the terms of the sale to underwriters, the Form of the Floating Rate Callable Senior Note itself, and a legal opinion from Helms Mulliss & Wicker, PLLC, confirming the legality of the notes.