Summary
This 8-K filing from Bank of America Corporation (BAC) on September 11, 2007, reports on the approval and underwriting of a significant debt issuance. On September 6, 2007, a committee of the Board of Directors authorized the public offering of three series of notes totaling $1.7 billion in aggregate principal amount. These notes include $650 million in 5.375% Senior Notes due 2012, $550 million in Floating Rate Senior Notes due 2012, and $500 million in 6.50% Subordinated Notes due 2037. The filing details the underwriting agreement with Banc of America Securities LLC and other named underwriters, and confirms the issuance is registered under a Form S-3 shelf registration statement. This action indicates a strategic move by BAC to raise capital through the debt markets during this period.
Key Highlights
- 1Bank of America Corporation is issuing new debt totaling $1.7 billion.
- 2The issuance consists of three tranches: $650 million of 5.375% Senior Notes due 2012, $550 million of Floating Rate Senior Notes due 2012, and $500 million of 6.50% Subordinated Notes due 2037.
- 3The offering was approved by a committee of the Board of Directors on September 6, 2007.
- 4An underwriting agreement has been executed with Banc of America Securities LLC, Bear, Stearns & Co. Inc., Deutsche Bank Securities Inc., Loop Capital Markets, LLC, and The Williams Capital Group, L.P.
- 5The notes are being offered under a pre-established shelf registration statement (Form S-3, Registration No. 333-133852), utilizing Rule 415 for delayed offerings.
- 6This debt issuance is a mechanism for Bank of America to secure additional funding.
- 7The filing includes the underwriting agreement and forms of the notes as exhibits.