Bank of America to Redeem Senior Notes
Bank of America Corporation has announced its plan to redeem all outstanding 3.093% Fixed/Floating Rate Senior Notes, amounting to a substantial $1,750,000,000. These notes are set to mature in October 2025. The redemption is scheduled for October 1, 2024, which means investors will receive 100% of their principal along with any accrued and unpaid interest up until the redemption date.
Details of the Redemption Process
This redemption process will be facilitated through The Depository Trust Company. The Bank of New York Mellon Trust Company, N.A. has been designated as the trustee and paying agent for these specific notes. This well-organized approach reassures investors, ensuring that Bank of America remains committed to its financial obligations.
Bank of America’s Financial Services Overview
Known worldwide, Bank of America serves as a cornerstone in the financial services industry, delivering a wide array of solutions designed to cater to individual consumers, as well as small to mid-sized businesses and large corporations. The bank boasts a customer base of about 69 million in the United States, operating roughly 3,800 retail financial centers and maintaining almost 15,000 ATMs. This vast infrastructure is complemented by their cutting-edge digital banking services, which have around 58 million verified users.
Additionally, Bank of America plays a critical role in wealth management, corporate and investment banking, and trading across various asset classes. With a strong dedication to supporting small businesses, the bank offers a variety of online tools tailored to assist the approximately 4 million small business households it serves.
Global Presence and Operations
Outside of the U.S., Bank of America operates in over 35 countries, providing a wide range of financial services globally. This international presence allows them to effectively serve corporations, governments, and individuals, reinforcing their status as a leader in the financial sector.
Investors' Communication
Bank of America values communication with its investors. For any direct inquiries, Lee McEntire can be reached at 1.980.388.6780. For questions related to fixed income, Jonathan G. Blum is available at 1.212.449.3112, reflecting the bank's dedication to transparency and accessibility.
Media Relations
Journalists seeking information can contact Jocelyn Seidenfeld at 1.646.629.2284. This line ensures that media personnel receive prompt and relevant updates 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 stop accruing 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 any further inquiries regarding their investments.
