8-KOther EventsExhibits & Filings

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Oct 27, 2006)

Filed October 27, 2006For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

Bank of America Corporation (BAC) filed an 8-K report on October 27, 2006, to disclose the approval and underwriting of a significant debt offering. On October 23, 2006, a committee of BAC's Board of Directors authorized the public offering of $1.25 billion in 5.625% Senior Notes due October 2016 and $600 million in Floating Rate Senior Notes due October 2016. This offering was made to a syndicate of underwriters, including Banc of America Securities LLC, and established the terms for the sale of these notes. The notes are being issued under BAC's existing Shelf Registration Statement on Form S-3 (Registration No. 333-133852), a common practice for debt issuances that allows for a streamlined offering process. The filing details the underwriting agreement and provides references to the relevant prospectus supplements for further terms and conditions. This action indicates Bank of America's strategy to raise capital through senior debt to fund its ongoing operations and strategic initiatives.

Key Highlights

  • 1Bank of America Corporation is publicly offering $1.25 billion in 5.625% Senior Notes due October 2016.
  • 2Additionally, the company is offering $600 million in Floating Rate Senior Notes due October 2016.
  • 3The total principal amount of the debt offering is $1.85 billion.
  • 4The offering was approved by a committee of the Board of Directors on October 23, 2006.
  • 5The notes are being offered to a syndicate of underwriters, led by Banc of America Securities LLC.
  • 6This debt issuance is being conducted under a previously filed Shelf Registration Statement on Form S-3 (Registration No. 333-133852).
  • 7The filing includes the underwriting agreement and forms of the notes as exhibits.

Frequently Asked Questions

This 8-K filing announces the approval and terms of a public offering of senior debt securities by Bank of America Corporation. It informs investors about the company's intention to issue $1.25 billion of fixed-rate notes and $600 million of floating-rate notes.

Bank of America is offering $1.25 billion of 5.625% Senior Notes due October 2016 and $600 million of Floating Rate Senior Notes due October 2016. These notes are senior unsecured debt obligations of the company.

Bank of America is raising capital by issuing new debt securities. This is a common practice for large financial institutions to manage their balance sheet, fund operations, and support growth initiatives.

Additional details regarding the terms and conditions of the notes and the offering can be found in the company's Prospectus dated May 5, 2006, as supplemented by a Global Prospectus Supplement dated October 23, 2006. The underwriting agreement and forms of the notes are also available as exhibits to this 8-K filing.