CHARLOTTE, N.C., Dec. 11 /PRNewswire/ -- Bank of America Corporation today announced the pricing terms of its offers to exchange a portion of its outstanding subordinated debt securities listed in the table below (collectively, the "Old Notes"), for both cash and the choice of either:
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* a new series of up to $2,000,000,000 aggregate principal amount of its
subordinated notes due March 15, 2017 (the "2017 Notes"); or
* a new series of up to $2,000,000,000 aggregate principal amount of its
subordinated notes due March 15, 2019 (the "2019 Notes").
The 2017 Notes and the 2019 Notes are collectively referred to as the "New Notes." The offers to exchange Old Notes for cash and New Notes are collectively referred to as the "Exchange Offers."
The total exchange price per $1,000 principal amount of each series of Old Notes, including the applicable exchange offer yield, is provided in the table below. For each series of Old Notes, the total exchange price is provided alternatively to (i) include the applicable early participation payment for notes of that series validly tendered and not withdrawn prior to 5:00 p.m. on November 29, 2006 (the "Early Participation Date"), and (ii) exclude the early participation payment for notes of that series validly tendered after the Early Participation Date. The table also includes the amount of accrued interest per $1,000 principal amount of each series of Old Notes to be received by tendering holders. Tenders of each series of Old Notes are subject to the acceptance priority levels provided below.
Total Exchange Total
Price/$1,000 Exchange
(including Price/$1,000
early (excluding
Exchange participation early
Offer payment) participation
CUSIP Common Code Series Yield payment)
060505AD6 010786428 7.80% 4.903% $1,083.72 $1,063.72
Subordinated
Notes
due 2010
060505AG9 012365349 7.40% 4.902% $1,091.21 $1,071.21
Subordinated
Notes
due 2011
638585BD0 012469446 6.375% 5.104% $1,014.03 $1,009.03
Subordinated
Notes
due 2008
066050CU7 014442251 6.25% 5.093% $1,014.13 $1,009.13
Subordinated
Notes
due 2008
066050CP8 -- 7.125% 4.949% $1,044.78 $1,034.78
Subordinated
Notes
due 2009
Acceptance
Accrued Priority
CUSIP Common Code Series Interest/$1,000 Level
060505AD6 010786428 7.80% $26.65 1
Subordinated
Notes
due 2010
060505AG9 012365349 7.40% $31.45 2
Subordinated
Notes
due 2011
638585BD0 012469446 6.375% $21.78 3
Subordinated
Notes
due 2008
066050CU7 014442251 6.25% $13.37 4
Subordinated
Notes
due 2008
066050CP8 -- 7.125% $21.18 5
Subordinated
Notes
due 2009
For each series of New Notes, the following table provides the reference U.S. Treasury Security yield, the annual interest rate, the New Note yield and the issue price.
Reference U.S. Annual
Treasury Security Interest New Note
Series Yield Rate Yield Issue Price
2017 Notes 4.520% 5.420% 5.421% $1,000
2019 Notes 4.520% 5.490% 5.491% $1,000
As previously announced, the Exchange Offers are scheduled to expire at 5:00 p.m., New York City time, on December 13, 2006, unless extended. The settlement date for the Exchange Offers is scheduled for December 18, 2006, or as soon as practicable thereafter.
Both the Exchange Offers and copies of the offering documents will be available only to holders of Old Notes (i) who are "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and (ii) outside the United States, to persons other than "U.S. persons" as defined in Rule 902 under the Securities Act in compliance with Regulation S under the Securities Act.
The New Notes have not been registered under the Securities Act or any state securities laws. Therefore, the New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. In addition, Bank of America has not taken any action to permit a public offering of the New Notes outside the United States and persons outside the United States must inform themselves about and observe any restrictions relating to the offering of the New Notes outside the United States.
Bank of America Corporation is a bank holding company and a financial holding company. The company provides a diversified range of banking and nonbanking financial services and products in 30 states, the District of Columbia, and 44 foreign countries. The company provides these services and products through three business segments: Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management. Bank of America Corporation common stock is listed on the New York Stock Exchange.
This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities. The Exchange Offers are being made only pursuant to an offering memorandum and related letter of transmittal and only to such persons who complete an eligibility certification and in such jurisdictions as is permitted under applicable law.
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