Davis Polk advised the lead manager, sole book-runner and representative of the several underwriters in connection with an SEC-registered offering by Bank of America Corporation of $1 billion aggregate principal amount of 1.486% fixed-to-floating-rate senior notes, due May 2024. During the floating rate period, the notes bear interest by reference to SOFR, compounded daily over each quarterly interest payment period.

The proceeds from the sale of the notes will fund not-for-profit hospitals and skilled nursing facilities treating COVID-19 patients, businesses that manufacture and distribute protective medical equipment and supplies and companies creating diagnostic tests or vaccines to help treat and prevent COVID-19. This is the first offering from a U.S. commercial bank where the proceeds are entirely focused on the COVID-19 pandemic.

The Davis Polk tax team also advised Bank of America Corporation in connection with the foregoing offering.

The Davis Polk corporate team included partners John G. Crowley and John Banes and associate Michael J. Russo. Partners Lucy W. Farr and Po Sit and associates Joseph M. Gerstel and Shay Moyal provided tax advice. All members of the Davis Polk team are based in the New York office.