What is the Euro Medium-Term Note (EMTN) Program?

The EMTN Program is a facility established by Bank of America Corporation to issue its senior and subordinated debt securities in international capital markets. It allows the company to raise funds by issuing notes with various currencies, interest rates, and maturities.

What is the significance of the $50 billion increase in the EMTN Program authorization?

The increase to a $50 billion maximum aggregate principal amount signifies Bank of America's intention to potentially raise substantial amounts of capital through debt issuance in the international markets. It provides the company with significant financial flexibility for its ongoing operations and strategic initiatives.

Are the notes issued under the EMTN Program registered with the SEC?

No, the notes issued under the EMTN Program are generally issued pursuant to Regulation S under the Securities Act of 1933 and are not registered with the U.S. Securities and Exchange Commission. They are intended for sale in international markets and are not offered or sold in the United States to U.S. persons unless registered or an exemption applies.

How much debt is currently outstanding under the EMTN Program?

As of July 31, 2007, approximately $28.4 billion (or its equivalent in other currencies) of notes were outstanding under the EMTN Program.

BANK OF AMERICA CORP /DE/ 8-K: Financial Events

Summary

This 8-K filing from Bank of America Corporation (BAC) on July 31, 2007, reports on an amendment to its Euro Medium-Term Note (EMTN) Program. The key update is the increase in the maximum aggregate principal amount authorized to be outstanding under the program to $50 billion. This expansion reflects Bank of America's strategy to access international capital markets for funding. Investors should note that the EMTN Program allows for the issuance of senior and subordinated debt securities in various currencies and maturities. As of the filing date, approximately $28.4 billion of notes were outstanding, leaving significant capacity for future issuances. This filing is a routine disclosure related to the company's ongoing financing activities.

Key Highlights

1Bank of America Corporation amended its Euro Medium-Term Note (EMTN) Program.
2The maximum aggregate principal amount authorized to be outstanding under the EMTN Program has been increased to $50 billion.
3The EMTN Program allows for the issuance of senior and subordinated debt securities in international capital markets.
4Notes are issued pursuant to Regulation S under the Securities Act of 1933 and are not registered in the U.S.
5As of the filing date, approximately $28.4 billion of notes were outstanding under the program.
6This leaves approximately $21.6 billion available for future issuance under the EMTN Program.
7The amendment was made through a Supplemental Agreement dated July 26, 2007.

BANK OF AMERICA CORP /DE/ 8-K Report, Financial Obligation (Jul 31, 2007)

Summary

Key Highlights

Frequently Asked Questions