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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America Corporation    BAC

BANK OF AMERICA CORPORATION

(BAC)
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Bank of America : Announces Redemption of Senior Notes

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09/16/2020 | 07:56am EDT

Bank of America Corporation announced today that it will redeem on October 1, 2020 all $750,000,000 principal amount outstanding of its Floating Rate Senior Notes, due October 2021 (CUSIP No. 06051GGU7) (the 'Floating Rate Notes'), and all $2,000,000,000 principal amount outstanding of its 2.328% Fixed/Floating Rate Senior Notes, due October 2021 (CUSIP No. 06051GGS2) (the 'Fixed/Floating Rate Notes' and, together with the Floating Rate Notes, the 'Senior Notes').

The redemption price for each series of the Senior Notes will be equal to 100% of the principal amount of such series, plus accrued and unpaid interest to, but excluding, the redemption date of October 1, 2020. Interest on each series of the Senior Notes will cease to accrue on the redemption date.

Payment of the redemption price for the Senior Notes will be made through the facilities of The Depository Trust Company. The Bank of New York Mellon Trust Company, N.A. is the trustee and paying agent for the Senior Notes.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 3,000 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,200 business centers; approximately 16,900 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 30 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Forward-looking statements

Certain information contained in this news release may constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions difficult to predict or beyond our control. You should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks discussed under Item 1A. 'Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2019, under Part II, Item 1A. 'Risk Factors' in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 and in any of our other subsequent Securities and Exchange Commission filings. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for email news alerts.

www.bankofamerica.com

Investors May Contact:

Lee McEntire, Bank of America, 1.980.388.6780

lee.mcentire@bofa.com

Jonathan Blum, Bank of America (Fixed Income), 1.212.449.3112

jonathan.blum@bofa.com

Reporters May Contact:

Jerry Dubrowski, Bank of America, 1.646.855.1195 (office) or 1.508.843.5626 (mobile)

jerome.f.dubrowski@bofa.com

(C) 2020 Electronic News Publishing, source ENP Newswire


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Financials (USD)
Sales 2020 86 164 M - -
Net income 2020 15 443 M - -
Net Debt 2020 - - -
P/E ratio 2020 14,2x
Yield 2020 2,89%
Capitalization 216 B 216 B -
Capi. / Sales 2020 2,50x
Capi. / Sales 2021 2,52x
Nbr of Employees 211 225
Free-Float 99,9%
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 28,62 $
Last Close Price 24,90 $
Spread / Highest target 52,6%
Spread / Average Target 15,0%
Spread / Lowest Target -11,6%
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Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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