Bank of America Corp (NYSE:BAC) Reports Increase In Maximum New Notes Amounts


Bank of America Corp (NYSE:BAC) reported the increase of the maximum principal sums of each series of new fixed and floating rate senior notes issuable in its previously reported private offers for Eligible Holders of certain of the firm’s outstanding debt securities to interchange Existing Notes for New Notes in two segments of Exchange Offers, on the guidelines established in the confidential offering memorandum dated December 4, 2017, and the associated letter of transmittal.

The details

Bank of America has surged the maximum principal sum of New Notes issuable in all the Exchange Offers to $12 billion; the first segment of Exchange Offers to $6 billion and the second category to $6 billion. As the sum of New Notes issuable in lieu for all validly offered and not rightly withdrawn Existing Notes prior to or at 5 pm on December 15, 2017 in each segment of Exchange Offers would surpass the maximum New Notes amounts, as surged, acceptance of the Existing Notes for lieu in each segment of Exchange Offers will be open to proration as detailed in the Offering Memorandum.

Besides, the firm does not anticipate to accept for exchange the Existing Notes series that follow the pertinent prorated Existing Notes series in either segment of Exchange Offers. The firm has used the Early Settlement Election and permitted for exchange Existing Notes validly offered and not validly withdrawn prior to or at the Early Participation Date as established. Any validly offered Existing Notes not permitted for exchange following proration will be returned to Eligible Holders.

In the last trading session, the stock price of Bank of America declined 0.33% to close the day at $29.78. The decline came at a share volume of 42.37 million compared to average share volume of 68.18 million. After the recent decline, the market cap of firm was noted at $311.7 billion.

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