8-KOther EventsExhibits & Filings

BANK OF AMERICA CORP /DE/ 8-K Report, Corporate Update (Feb 12, 2007)

Filed February 12, 2007For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

This Form 8-K filing from Bank of America Corporation (BAC) on February 12, 2007, announces the offering of specific securities through two newly established trusts, BAC Capital Trust XIII and BAC Capital Trust XIV. These offerings are part of an automatic shelf registration statement and involve "Preferred Hybrid Income Term Securities" (HITS), stock purchase contracts, and junior subordinated notes. The filing details the establishment of these trusts and the associated legal documentation, such as declarations of trust, supplemental indentures, and stock purchase contract agreements, which are filed as exhibits. For investors, this report signifies that Bank of America is actively raising capital through structured financial products. The nature of these securities (preferred hybrid income term securities, stock purchase contracts, and junior subordinated notes) suggests a focus on diversifying funding sources and potentially enhancing capital structure. Investors should pay close attention to the preliminary prospectus supplements referenced for detailed terms, risks, and offering prices of these new securities.

Key Highlights

  • 1Bank of America is issuing new securities through BAC Capital Trust XIII and BAC Capital Trust XIV.
  • 2The offerings include Floating Rate Preferred Hybrid Income Term Securities and Fixed-to-Floating Rate Preferred Hybrid Income Term Securities.
  • 3The securities are being offered under an automatic shelf registration statement.
  • 4Associated documentation, including trust declarations, supplemental indentures, and stock purchase contracts, are filed as exhibits.
  • 5The filing indicates a capital raising activity by Bank of America through structured financial products.
  • 6The specific securities involve preferred hybrid income term securities, stock purchase contracts, and junior subordinated notes.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce and provide details regarding the offering of new securities by Bank of America Corporation through two special purpose entities, BAC Capital Trust XIII and BAC Capital Trust XIV. It also makes available key legal and offering documents as exhibits.

The filing mentions the offering of "Preferred Hybrid Income Term Securities" (HITS), both floating rate and fixed-to-floating rate versions. Additionally, it references stock purchase contracts and junior subordinated notes that are part of the overall offering structure established by the trusts.

More detailed information about these securities can be found in the preliminary prospectus supplements dated February 12, 2007, which were filed with the SEC in connection with the automatic shelf registration statement. These supplements describe the securities and associated risks.

BAC Capital Trust XIII and BAC Capital Trust XIV are legal entities (trusts) established by Bank of America Corporation to facilitate the issuance and sale of the new securities to investors. They serve as special purpose vehicles for these capital raising activities.