Bank of America Prepares to Redeem $1.75 Billion Notes
Bank of America to Redeem Senior Notes
Bank of America Corporation has officially declared its intent to redeem all outstanding 3.093% Fixed/Floating Rate Senior Notes, totaling an impressive $1,750,000,000. These notes are due in October 2025. The redemption will occur on October 1, 2024, ensuring investors receive 100% of the principal amount plus any accrued and unpaid interest up to the redemption date.
Details of the Redemption Process
The process for this redemption will be managed through the facilities of The Depository Trust Company. The Bank of New York Mellon Trust Company, N.A. has been appointed as the trustee and paying agent for these particular notes. This structured approach provides assurance to investors, maintaining the integrity of Bank of America’s financial commitments.
Bank of America’s Financial Services Overview
Recognized globally, Bank of America stands as a pillar in the financial services sector, offering a diverse range of solutions tailored to meet the needs of individual consumers, small and middle-market businesses, and large corporations. With a customer base of approximately 69 million across the United States, the bank operates around 3,800 retail financial centers and maintains nearly 15,000 ATMs. This extensive network complements their innovative digital banking services, boasting around 58 million verified users.
Furthermore, Bank of America plays a significant role in wealth management, corporate and investment banking, and trading across various asset classes. With a commitment to supporting small businesses, the bank offers a suite of online products designed to empower the approximately 4 million small business households it services.
Global Presence and Operations
Beyond U.S. borders, Bank of America operates in more than 35 countries, providing comprehensive financial services worldwide. This global reach enables them to serve corporations, governments, and individuals effectively, affirming their position as a leader in the financial market.
Investors' Communication
Bank of America encourages open communication with its investors. For direct inquiries, Lee McEntire can be reached via phone at 1.980.388.6780. For fixed income-related queries, Jonathan G. Blum is available at 1.212.449.3112, demonstrating the bank’s commitment to transparency and accessibility.
Media Relations
Reporters seeking information can contact Jocelyn Seidenfeld at 1.646.629.2284. This channel ensures that media representatives receive timely and relevant information about Bank of America’s activities and announcements.
Frequently Asked Questions
What is the total amount of the Senior Notes being redeemed?
The total amount being redeemed is $1,750,000,000 of the 3.093% Fixed/Floating Rate Senior Notes.
When will the redemption of the Senior Notes take place?
The redemption will occur on October 1, 2024, as announced by Bank of America Corporation.
What will happen to the interest on the Notes on the redemption date?
Interest on the Notes will cease to accrue on the redemption date, which is October 1, 2024.
Who is the paying agent for the Senior Notes?
The Bank of New York Mellon Trust Company, N.A. serves as the trustee and paying agent for the Senior Notes.
How can investors reach out for more information?
Investors can contact Lee McEntire at 1.980.388.6780 or Jonathan G. Blum at 1.212.449.3112 for further inquiries related to their investments.
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