The investment-grade debt offering is based on the Secured Overnight Financing Rate

Davis Polk advised the representative of the several underwriters in connection with an SEC-registered offering by Bank of America Corporation of $500 million aggregate principal amount of floating-rate senior notes due September 2027, $1.5 billion aggregate principal amount of 5.933% fixed-to-floating-rate senior notes due September 2027, $2.75 billion aggregate principal amount of 5.819% fixed-to-floating-rate senior notes due September 2029 and $3.75 billion aggregate principal amount of 5.872% fixed-to-floating-rate senior notes due September 2034. 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 tax team also advised Bank of America Corporation in connection with the offering.

The Davis Polk corporate team included partner Christopher S. Schell and associate Nicollette Farkas. Partner Lucy W. Farr and associate Spencer Pan provided tax advice. Members of the Davis Polk team are based in the New York and London offices.

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