Bank of America 6-tranche $15 billion floating and fixed-to-floating-rate notes

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 $600 million aggregate principal amount of floating-rate senior notes, due April 2025, $2.25 billion aggregate principal amount of 0.976% fixed-to-floating-rate senior notes, due April 2025, $400 million aggregate principal amount of floating-rate senior notes, due July 2027, $3.75 billion aggregate principal amount of 1.734% fixed-to-floating-rate senior notes, due July 2027, $4.5 billion aggregate principal amount of 2.687% fixed-to-floating-rate senior notes, due April 2032 and $3.5 billion aggregate principal amount of 3.311% fixed-to-floating-rate senior notes, due April 2042. For the term of the floating-rate senior notes and during the floating-rate period of the fixed-to-floating-rate senior notes, 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 Michael J. Russo. Partner Po Sit and associate Shay Moyal provided tax advice. All members of the Davis Polk team are based in the New York office.