Summary
Bank of America Corporation (BAC) filed an 8-K report on July 27, 2010, to provide an update on its Euro Medium-Term Note (EMTN) Program. The filing details amendments to the program, including a supplemental agreement dated July 22, 2010, which effectively maintains the maximum aggregate principal amount authorized for issuance at U.S. $65 billion. This program allows BAC to issue senior and subordinated debt securities in international capital markets, denominated in various currencies. As of the report date, BAC had approximately $41.750 billion of notes outstanding under the EMTN Program, leaving roughly $23.250 billion available for future issuance. The notes are issued under Regulation S of the Securities Act of 1933 and are not registered in the U.S., meaning they are generally not offered or sold to U.S. persons without proper registration or exemption. This filing is primarily informational, updating the terms and status of BAC's existing debt issuance facility.
Key Highlights
- 1Bank of America Corporation (BAC) updated its Euro Medium-Term Note (EMTN) Program via an 8-K filing.
- 2The filing specifies an amendment to the EMTN Program agreement, dated July 22, 2010.
- 3The maximum aggregate principal amount authorized under the EMTN Program remains U.S. $65 billion.
- 4As of July 22, 2010, approximately U.S. $41.750 billion of notes were outstanding under the program.
- 5Approximately U.S. $23.250 billion remained available for future issuance under the EMTN Program.
- 6Notes issued under the EMTN Program are governed by Regulation S and are not registered with the SEC for offering to U.S. persons, unless an exemption applies.