IPO - BANK OF AMERICA CORP /DE/

Form Type: 424B5

Filing Date: 2025-04-28

Corporate Action: Ipo

Type: New

Accession Number: 000119312525099915

Filing Summary: Bank of America Corporation is offering 3,000,000 depositary shares, each representing a 1/25th interest in a share of its 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series OO, with a par value of $0.01 and a liquidation preference of $25,000 per share. The offering is expected to generate total proceeds of approximately $2.97 billion. Dividends on the Preferred Stock will be non-cumulative and paid quarterly in arrears starting from August 1, 2025, if declared by the board of directors. The dividend rate is set at 6.625% annually until May 1, 2030, after which it will reset based on the Five-Year U.S. Treasury Rate plus a spread. The preferred shares can be redeemed at the issuer's option starting May 1, 2030, or before that under certain conditions. The offering will not be listed on any securities exchange and is intended to raise funds following the completion of the registration process with the SEC. Investors should be aware of associated risks, including regulatory actions that may hinder dividend payments. The underwriting process involves significant financial institutions, signifying a broad confidence in the series OO offering.