Summary
This Form 8-K filing by Bank of America Corporation (BAC) on September 28, 2006, reports on the company's action to approve and offer a significant amount of senior notes. Specifically, the company authorized the public offering of $1.75 billion in Callable Three-Month LIBOR Senior Notes and $100 million in Callable Prime Rate Senior Notes, both due in September 2009. These offerings were made to designated underwriters, including Banc of America Securities LLC, Guzman & Company, and Samuel A. Ramirez & Company, Inc., with the terms and conditions finalized on September 21, 2006. The issuance of these notes falls under the company's existing shelf registration statement filed on Form S-3. The filing also includes the executed underwriting agreements and forms of the notes as exhibits, providing transparency on the specific debt instruments and the terms of their sale. This action indicates Bank of America's strategy to raise capital through the issuance of senior debt securities.
Key Highlights
- 1Bank of America approved the public offering of $1.75 billion in Callable Three-Month LIBOR Senior Notes due September 2009.
- 2The company also approved the public offering of $100 million in Callable Prime Rate Senior Notes due September 2009.
- 3The offerings were made to specific underwriters, including Banc of America Securities LLC, Guzman & Company, and Samuel A. Ramirez & Company, Inc.
- 4The terms and conditions of the Notes and their sale were established by a Committee appointed by the Board of Directors on September 21, 2006.
- 5The issuance is registered under the company's shelf registration statement on Form S-3 (Registration No. 333-133852) pursuant to Rule 415.
- 6The filing includes executed underwriting agreements and forms of the senior notes as exhibits.
- 7This action reflects Bank of America's proactive capital raising activities through the debt markets.