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Bank of America Announces Redemption of $1,500,000,000 Floating Rate Senior Notes, Due February 2026

1. Bank of America will redeem $1.5B in Floating Rate Senior Notes on February 5, 2025. 2. Redemption price equals 100% principal plus accrued interest until the redemption date. 3. Ceasing interest accruals on the notes impacts cash flow management strategy. 4. Bank of America serves 69 million consumers, reinforcing its market position. 5. They operate over 3,700 retail centers and approximately 15,000 ATMs in the U.S.

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FAQ

Why Bullish?

Redeeming senior notes indicates strong financial management, similar past actions boosted BAC.

How important is it?

The redemption signals solid financial health, potentially attracting investor confidence.

Why Short Term?

The redemption effects will be seen immediately, affecting cash flows and interest expenses.

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BAC
CHARLOTTE, N.C., Jan. 21, 2025 /PRNewswire/ -- Bank of America Corporation announced today that it will redeem on February 5, 2025, all $1,500,000,000 principal amount outstanding of its Floating Rate Senior Notes, due February 2026 (CUSIP No. 06051GHB8) (the "Notes"), at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the redemption date of February 5, 2025.  Interest on the Notes will cease to accrue on the redemption date. Payment of the redemption price for the Notes will be made through the facilities of The Depository Trust Company.  The Bank of New York Mellon Trust Company, N.A. is the trustee and paying agent for the Notes. Bank of America Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC). Forward-Looking Statements Certain information contained in this news release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions difficult to predict or beyond our control.  You should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks discussed under Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, and in any of our subsequent Securities and Exchange Commission filings.  Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts. www.bankofamerica.com Investors May Contact: Lee McEntire, Bank of AmericaPhone:  1.980.388.6780[email protected] Jonathan G. Blum, Bank of America (Fixed Income)Phone: 1.212.449.3112[email protected] Reporters May Contact: Jocelyn Seidenfeld, Bank of AmericaPhone: 1.646.743.3356[email protected] SOURCE Bank of America Corporation

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