Bank of America $10 billion fixed-to-floating-rate notes
The investment-grade debt offering is based on the Secured Overnight Financing Rate
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 $2 billion aggregate principal amount of 4.827% fixed-to-floating-rate senior notes due July 2026, $3 billion aggregate principal amount of 4.948% fixed-to-floating-rate senior notes due July 2028 and $5 billion aggregate principal amount of 5.015% fixed-to-floating-rate senior notes due July 2033. During the floating-rate period, the notes bear interest by reference to SOFR, compounded daily over each quarterly interest payment period.
The Davis Polk tax team also advised Bank of America Corporation in connection with the foregoing offering.
The Davis Polk corporate team included partner Christopher S. Schell, counsel Michael J. Russo and associate Nicollette Farkas. Partner Po Sit and associate Spencer Pan provided tax advice. Members of the Davis Polk team are based in the New York and London offices.