Bank of America Plans Major Redemptions for Senior Notes
Bank of America Plans Major Redemptions for Senior Notes
Bank of America Corporation recently revealed its intentions to redeem significant amounts from its outstanding Floating Rate and Fixed/Floating Rate Senior Notes on the upcoming redemption date. Specifically, the bank will redeem all of the $500,000,000 principal amount of Floating Rate Senior Notes, along with $3,000,000,000 in 3.384% Fixed/Floating Rate Senior Notes, both of which are due in April 2026.
Details of the Notes Redemption
The redemption is scheduled to take place soon, with an announcement reflecting that the redemption price will be set at 100% of the principal amount of each series, added to any accrued unpaid interest, with the interest ceasing to accumulate on the redemption date. These measures illustrate Bank of America's commitment to managing its financial obligations efficiently.
Payments associated with the redemption will be disseminated via The Depository Trust Company, ensuring a streamlined process. The Bank of New York Mellon Trust Company, N.A. will act as the trustee and paying agent for these notes, further enhancing reliability in the execution of this transaction.
About Bank of America
As one of the world’s leading financial institutions, Bank of America serves a diverse clientele that includes individual consumers, small businesses, and large corporations. Their comprehensive range of banking, investing, asset management, and risk management products ensures clients receive unmatched convenience and support. Currently, they serve approximately 69 million consumer and small business clients, utilizing a vast network of around 3,700 retail financial centers and approximately 15,000 ATMs across the nation. Their excellence in digital banking is further demonstrated by roughly 58 million verified users engaging with their award-winning services.
Bank of America’s Global Leadership
Bank of America stands tall as a frontrunner in various sectors, including wealth management, corporate, and investment banking. The institution also extends its services across more than 35 countries, underscoring its position as a global leader. Furthermore, they cater to nearly 4 million small business households, providing a suite of innovative, user-friendly online products designed to facilitate easy access to banking services.
Commitment to Investors and Stakeholders
Bank of America emphasizes the importance of transparent communication with its investors and stakeholders. By strategically navigating financial obligations and focusing on enhancing shareholder value, the bank showcases its dedication to maintaining a robust financial position. Investors interested in the stock can find Bank of America Corporation listed on the New York Stock Exchange under the ticker symbol BAC.
Frequently Asked Questions
What types of notes is Bank of America redeeming?
Bank of America is redeeming $500 million in Floating Rate Senior Notes and $3 billion in 3.384% Fixed/Floating Rate Senior Notes.
When is the redemption date for these notes?
The redemption date for the notes is set for April 2, 2025.
What is the redemption price for the notes?
The redemption price will be 100% of the principal amount, plus accrued and unpaid interest.
Who is the trustee for the notes?
The Bank of New York Mellon Trust Company, N.A. serves as the trustee and paying agent for the notes.
How many clients does Bank of America serve?
Bank of America serves approximately 69 million consumer and small business clients across the United States.
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