The investment-grade notes are due 2028

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 6.204% fixed-to-floating-rate senior notes, due November 2028. 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 Eligible Equality Progress Social Assets and Eligible Green Assets. Equality Progress Social Assets are designed to advance equality and economic opportunity by focusing on financing and investments that provide people of color or women with expanded access to affordable housing, business capital and opportunities for socioeconomic advancement or empowerment. Eligible Green Assets include financing, leasing and investments that promote a transition to a low-carbon economy.

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