Summary
This Form 8-K filing by Bank of America Corporation (BAC) on July 31, 2008, relates to an amendment of their Euro Medium-Term Note (EMTN) Program. The core of this report details the establishment of an updated program agreement, which authorizes a maximum aggregate principal amount of U.S. $65 billion (or equivalent in other currencies) for outstanding debt securities issued in international capital markets. Investors should note that this filing primarily concerns the framework for debt issuance rather than announcing a specific new debt issuance or a significant financial event. As of the filing date, approximately $35.8 billion of notes were already outstanding under the program, leaving about $29.2 billion available for future issuance. The notes are issued under Regulation S and are not registered under the Securities Act of 1933, meaning they are primarily intended for non-U.S. investors or those meeting specific exemption criteria.
Key Highlights
- 1Bank of America amended and restated its Euro Medium-Term Note (EMTN) Program.
- 2The maximum aggregate principal amount authorized for outstanding debt under the EMTN Program is U.S. $65 billion (or equivalent).
- 3The amended agreement was dated July 25, 2008.
- 4As of the report date, approximately U.S. $35.8 billion of notes were outstanding under the EMTN Program.
- 5This leaves approximately U.S. $29.2 billion available for future issuance under the program.
- 6Notes issued under this program are typically offered outside the United States and are not registered under the U.S. Securities Act of 1933.