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Bank of America Announces Oversubscription of Tender Offers for Certain Senior Notes due 2014

Thursday, October 31, 2013 8:30 am EDT

Dateline:

CHARLOTTE, N.C.

Public Company Information:

NYSE:
BAC

Bank of America Corporation and its wholly-owned subsidiary BAC Canada Finance Company (together, the “Offerors”) today announced that their pending tender offers (the “Offers”) for certain of their respective senior notes due 2014 listed in the table below (collectively, the “Notes”) have been oversubscribed. Pursuant to the terms of the Offers, the Offerors will accept approximately $4.0 billion in aggregate principal amount of Notes (or its equivalent in the currencies in which certain of the Notes are denominated).

As of 5:00 p.m., New York City time, on October 30, 2013, which was the “Early Tender Deadline” for the Offers, a total of approximately $4.6 billion in aggregate principal amount of the Notes (or its equivalent) had been tendered and not withdrawn.

The following table lists the series of Notes that are subject to the Offers, the acceptance priority level assigned to each series of Notes in the table below (the “Acceptance Priority Levels”), and the aggregate principal amount of each series that was tendered and not withdrawn as of the Early Tender Deadline:

Title of Notes     CUSIP Number/

ISIN

    Acceptance Priority Level     Principal Amount Tendered
(in millions)
Floating Rate Senior Notes due February 5, 2014 XS0285100391 1 EUR 104
5.375% Senior Notes due June 15, 2014 060505BM5/ US060505BM56 2 USD 114
4.625% Senior Notes due February 18, 2014 XS0186317417 3 EUR 118
Floating Rate Senior Notes due January 30, 2014 06051GEF2/ US06051GEF28 4 USD 25
Floating Rate Senior Notes due September 15, 2014 06050MDZ7/ US06050MDZ77 5 USD 30
Floating Rate Senior Notes due February 21, 20141 05518ZAM8/ CA05518ZAM82 6 CAD 526
5.125% Senior Notes due September 26, 2014 XS0323119973 7 EUR 105
5.125% Senior Notes due November 15, 2014 060505AU8/ US060505AU81 8 USD 149
3.250% Senior Notes due December 10, 2014 CH0018606365 9 CHF 272
Floating Rate Senior Notes due January 31, 20142 XS0284282356 10 EUR 1,027
5.450% Senior Notes due September 17, 2014 060505DM3/ CA060505DM31 11 CAD 27
4.450% Senior Notes due January 31, 20142 XS0284283081 12 EUR 219
5.000% Senior Notes due February 3, 20142 59018YSU6/ US59018YSU63 13 USD 208
Floating Rate Senior Notes due July 11, 2014 06051GEL9/ US06051GEL95 14 USD 191
Floating Rate Senior Notes due May 30, 20142 XS0302633598 15 EUR 104
4.875% Senior Notes due May 30, 20142 XS0302633168 16 EUR 558

_______________
1 The Floating Rate Senior Notes due February 21, 2014 are obligations of BAC Canada Finance Company; all other issues of Notes are obligations of Bank of America Corporation.
2 Originally issued by Merrill Lynch & Co., Inc.

The aggregate consideration payable for all valid tenders of Notes was approximately $4.7 billion based on the results of the Offers as of the Early Tender Deadline. Under the terms of the Offers, the maximum aggregate consideration payable for tendered Notes is $4.0 billion (or its equivalent). Accordingly, all tenders of Notes in series with Acceptance Priority Levels 1 through 15 will be accepted for purchase. In addition, approximately 12.5% of tenders in the series with Acceptance Priority Level 16 will be accepted for purchase. Tenders of Notes which are not accepted for purchase will be promptly returned to holders.

Payment for all Notes that are accepted for purchase is expected to occur on November 4, 2013. Such payment will be made in the same currency in which each applicable series of Notes is denominated. Holders of Notes accepted for purchase will also receive accrued and unpaid interest on their purchased Notes from the last interest payment date applicable to such Notes to, but not including, the settlement date.

Withdrawal rights with respect to tendered Notes have expired. Accordingly, tendered Notes may no longer be withdrawn.

The Offers will expire at 11:59 p.m., New York City time, on November 14, 2013 (the “Expiration Date”). However, since the Offers were oversubscribed as of the Early Tender Deadline, no additional tenders will be accepted under the terms of the Offers.

The complete terms and conditions of the Offers are described in the Offer to Purchase, dated October 17, 2013 (the "Offer to Purchase"), and the related Letters of Transmittal (the "Letters of Transmittal").

D.F. King & Co., Inc. is acting as tender agent and information agent for the Offers. Requests for documents should be directed to D.F. King & Co., Inc. at 800.549.6746 (U.S. toll-free), 212.269.5550 (international) or bofa@dfking.com. You may also obtain these documents without charge by accessing http://www.dfking.com/bofa. Other questions regarding the Offers may be directed to BofA Merrill Lynch, the dealer manager for the Offers, at 888.292.0070 (U.S. toll-free) or 980.388.3646 (international).

This news release shall not constitute a solicitation to buy or an offer to purchase any securities. The Offers are being made only pursuant to the Offer to Purchase and the related applicable Letter of Transmittal. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. None of the Offerors, the dealer manager, the tender agent or the information agent is making any recommendation as to whether holders should tender their Notes in the Offers.

Italy. None of the Offers, this news release, the Offer to Purchase or any other documents or materials relating to the Offers has been submitted to the clearance procedures of the Commissione Nazionale per le Società e la Borsa (CONSOB) and/or the Bank of Italy pursuant to Italian laws and regulations. Accordingly, holders of Notes are notified that, to the extent holders are located or resident in Italy, the Offers are not available to them, they may not tender Notes pursuant to the Offers and, as such, any tender instructions received from or on behalf of such persons shall be ineffective and void, and neither the Offer to Purchase nor any other documents or materials relating to the Offers or the Notes may be distributed or made available in Italy, except (i) to qualified investors (investitori qualificati), as defined pursuant to Article 100 of Legislative Decree No. 58 of 24 February 1998, as amended (the “Italian Financial Services Act”) and Article 34-ter, first paragraph, letter b), of CONSOB Regulation No. 11971 of 14 May 1999, as amended (the “Regulation No. 11971”), or (ii) in other circumstances which are exempted pursuant to Article 35-bis of the Regulation No. 11971. Any offer or distribution of documents or materials relating to the Offers in Italy under (i) or (ii) above must be (a) made by an investment firm, bank or financial intermediary permitted to conduct such activities in Italy in accordance with the Italian Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007 (as amended from time to time) and Legislative Decree No. 385 of 1 September 1993, as amended; and (b) in compliance with any other applicable laws and regulations or requirement imposed by CONSOB or other Italian authorities.

United Kingdom. This news release, the Offer to Purchase and any other documents or materials relating to the Offers may only be communicated to persons in the United Kingdom in circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply. Accordingly, this news release and the Offer to Purchase are only for circulation to persons inside the United Kingdom who fall within one of the following categories: (i) any person who is a holder of any of the Notes; or (ii) any other person also falling within Article 43(2) or within Article 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order") or falling within the definition of investment professionals (as defined in Article 19(5)) of the Financial Promotion Order; or (iii) any person to whom the communication may otherwise lawfully be made. This news release, the Offer to Purchase and any other documents or materials relating to the Offers are only available in the United Kingdom to such persons and the transactions contemplated in the Offer to Purchase will be available only to, and may be engaged in only with, such persons, and such financial promotion must not be relied or acted upon by persons in the United Kingdom unless they fall under the above categories.

Bank of America
Bank of America is one of the world's largest 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. We serve approximately 51 million consumer and small business relationships with approximately 5,200 retail banking offices and approximately 16,200 ATMs and award-winning online banking with 30 million active users and more than 14 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in 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 in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Forward-Looking Statements
Certain statements in this news release represent the current expectations, plans or forecasts of Bank of America and are forward-looking. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like “expects,” “anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,” “predict,” “goal” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements speak only as of the date they are made, and Bank of America undertakes 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.

These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks discussed under Item 1A. “Risk Factors” of Bank of America’s Annual Report on Form 10-K for the year ended December 31, 2012 and in any of Bank of America’s other subsequent Securities and Exchange Commission filings.

For more Bank of America news, visit the Bank of America newsroom.

www.bankofamerica.com

Contact:

Investors May Contact:
Jonathan G. Blum, Bank of America, 1.212.449.3112
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.980.388.2840
jerome.f.dubrowski@bankofamerica.com