Bank of America three-tranche $7.75 billion fixed-to-floating-rate notes
We advised the underwriters on the investment-grade debt offering 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 reopening of 1.734% fixed-to-floating-rate senior notes, due July 2027 (the “6-Year Notes”), $3.75 billion aggregate principal amount of 2.299% fixed-to-floating-rate senior notes, due July 2032 and $2 billion aggregate principal amount of 2.972% fixed-to-floating-rate senior notes, due July 2052. The 6-Year Notes issued in the reopening have the same terms as, and constitute a single series with, the $3.75 billion in principal amount of the 1.734% fixed-to-floating rate senior notes, due July 2027 issued on April 22, 2021. 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 partners John G. Crowley and John Banes and associate Nicollette Farkas. Partner Po Sit and associate Shay Moyal provided tax advice. All members of the Davis Polk team are based in the New York office.