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Bank of America Announces Redemption of CAD400,000,000 Floating Rate Senior Notes, Due March 2026

1. Bank of America will redeem CAD400 million in Senior Notes by March 2025. 2. The redemption will occur at 100% principal plus accrued interest. 3. This decision reflects BAC's strong cash position and financial health. 4. Interest on Notes halts on the redemption date, March 16, 2025. 5. Bank of America offers extensive financial services globally to millions.

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FAQ

Why Bullish?

The redemption of notes indicates a strong liquidity position, suggesting confidence. Previous instances of debt reduction led to stock price appreciation.

How important is it?

The announcement signals financial health, which generally positively affects investor sentiment and stock price.

Why Long Term?

Reducing debt enhances future profitability and financial stability, positively influencing BAC over time. Historical patterns indicate long-term gains from similar actions.

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, /PRNewswire/ -- Bank of America Corporation announced today that it will redeem on March 16, 2025 all CAD400,000,000 principal amount outstanding of its Floating Rate Senior Notes, due March 2026 (CUSIP No. 060505GE8, ISIN: CA060505GE87) (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 March 16, 2025. Since March 16, 2025 is not a business day, the redemption price of the Notes, together with accrued and unpaid interest, will be paid on the next succeeding business day, March 17, 2025. Interest on the Notes will cease to accrue on the redemption date. Payment of the redemption price for the Notes will be made in accordance with the applicable procedures of CDS Clearing and Depository Services Inc. The Bank of New York Mellon Trust Company, N.A. is the trustee and BNY Trust Company of Canada is the 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. Investors May Contact: Lee McEntire, Bank of America Phone: 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 America Phone: 1.646.743.3356 [email protected] SOURCE Bank of America Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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