Bank of America $10 billion floating-rate and fixed-to-floating-rate notes

Davis Polk advised the lead manager, sole bookrunner and representative of the several underwriters in connection with an SEC-registered offering by Bank of America Corporation of $750 million aggregate principal amount of floating-rate senior notes due January 2029, $2.5 billion aggregate principal amount of 4.979% fixed-to-floating-rate senior notes due January 2029, $500 million aggregate principal amount of floating-rate senior notes due January 2031, $2.75 billion aggregate principal amount of 5.162% fixed-to-floating-rate senior notes due January 2031 and $3.5 billion aggregate principal amount of 5.511% fixed-to-floating-rate senior notes due January 2036. 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 the Secured Overnight Financing Rate (SOFR), compounded daily over each quarterly interest payment period.

The Davis Polk corporate team included partner Christopher S. Schell, counsel Michael J. Russo and associates Nicollette Farkas and Jonathan Perlman. Partner Lucy W. Farr and associate Xiyuan (Spencer) Pan provided tax advice. All members of the Davis Polk team are based in the New York office.