Bank of America Plans to Redeem Floating Rate Senior Notes
Bank of America Plans to Redeem Floating Rate Senior Notes
Bank of America Corporation has made a significant announcement indicating its intention to redeem $1,500,000,000 of its Floating Rate Senior Notes that are due in February 2026. This move is set to take place on February 5, 2025, at a redemption price equal to the full principal amount of the notes, along with any accrued interest that has not yet been paid.
About the Redemption
The upcoming redemption aligns with Bank of America’s commitment to maintaining a flexible and robust capital structure. A bank representative highlighted that interest on these notes will stop accruing on the redemption date. This decision reflects the company’s strategies for better financial management and a proactive approach to its obligations.
Details on the Notes
The Floating Rate Senior Notes, recognized in the market by CUSIP No. 06051GHB8, represent a meaningful portion of the bank's capital strategy. The principal amount outstanding is significant, demonstrating the scale at which Bank of America operates. Payment for this redemption will be facilitated through The Depository Trust Company, with The Bank of New York Mellon Trust Company, N.A. acting as the trustee and paying agent.
Understanding Bank of America
As one of the world’s foremost financial institutions, Bank of America serves a diverse clientele, including consumers, small businesses, and large corporations. The firm’s offerings encompass an extensive range of banking and financial services, including investment and risk management. This multi-faceted service portfolio positions Bank of America as a leader in both domestic and international markets.
Bank of America’s Services
Serving around 69 million consumers and small businesses, Bank of America boasts approximately 3,700 retail financial centers and 15,000 ATMs. Its acclaimed digital banking service has garnered around 58 million verified digital users, underscoring its commitment to convenience and accessibility. The firm's prowess in corporate and investment banking further solidifies its influence across various segments.
Investor Relations and Communication
For potential investors and interested parties, Bank of America continues to ensure transparency and continued communication regarding its financial maneuvers. The company encourages stakeholders to stay updated on significant developments, including the redemption of the Floating Rate Senior Notes, through various official channels.
Contact Information
For investor inquiries, individuals can reach out to Lee McEntire at Bank of America, available at 1.980.388.6780. Moreover, for fixed income concerns, Jonathan G. Blum can be reached at 1.212.449.3112. These contacts reflect Bank of America’s commitment to providing dedicated support to investors and enhancing communication.
Frequently Asked Questions
What are the Floating Rate Senior Notes?
The Floating Rate Senior Notes are debt securities issued by Bank of America, which pay interest at a rate that fluctuates based on market conditions.
When will the redemption take place?
The redemption of the Floating Rate Senior Notes is scheduled for February 5, 2025.
How much is being redeemed?
Bank of America is redeeming $1,500,000,000 of its Floating Rate Senior Notes.
Who can I contact for more information about the redemption?
For additional information, you can contact Lee McEntire or Jonathan G. Blum using the provided phone numbers.
Why is Bank of America redeeming these notes?
The redemption is part of Bank of America's strategy to enhance its capital management and financial flexibility.
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