We advised the underwriters on the investment-grade debt offering based on the Secured Overnight Financing Rate

Davis Polk advised the several underwriters in connection with an SEC-registered offering by Bank of America Corporation of $2.5 billion aggregate principal amount of 1.658% fixed-to-floating-rate senior notes, due March 2027, $2 billion aggregate principal amount of 2.651% fixed-to-floating-rate senior notes, due March 2032 and $1 billion aggregate principal amount of 3.483% fixed-to-floating-rate senior notes, due March 2052. 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.

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