Bank of America

Investor Relations

Bank of America Announces Offers to Exchange Outstanding Debt Securities for New Debt Securities

CHARLOTTE, N.C., April 26 /PRNewswire/ -- Bank of America Corporation today announced that it has commenced offers to exchange the following series of outstanding subordinated notes for the newly issued notes indicated below:

  • Outstanding 5.42% Subordinated Notes due March 15, 2017 (the "Old 2017 Notes") for an equal principal amount of new 5.42% Subordinated Notes due March 15, 2017 (the "New 2017 Notes"); and
  • Outstanding 5.49% Subordinated Notes due March 15, 2019 (the "Old 2019 Notes") for an equal principal amount of new 5.49% Subordinated Notes due March 15, 2019 (the "New 2019 Notes").

The Old 2017 Notes and Old 2019 Notes are collectively referred to as the "Old Notes" and were issued on December 19, 2006 in a transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). The New 2017 Notes and the New 2019 Notes are collectively referred to as the "New Notes" and have been registered under the Securities Act. The offers to exchange the Old Notes for the respective series of New Notes are collectively referred to as the "Exchange Offers."

The terms of the New Notes will be substantially identical to those of the Old Notes, except that the transfer restrictions and registration rights relating to the Old Notes will not apply to the New Notes. The terms and conditions of the Exchange Offers are described in Bank of America's prospectus dated April 26, 2007 and the related letter of transmittal to be distributed to current holders of the Old Notes.

Bank of America will accept for exchange any and all Old Notes validly tendered and not validly withdrawn on or before 5:00 p.m., New York City time, on May 24, 2007, which is the expiration date of the Exchange Offers, unless the Exchange Offers are extended by Bank of America. As of April 26, 2007, there were approximately $1.7 billion aggregate principal amount of Old 2017 Notes and $500 million aggregate principal amount of Old 2019 Notes outstanding.

Additional copies of the prospectus and other documents relating to the Exchange Offers may be obtained from the Exchange Agent, The Bank of New York Trust Company, N.A., by calling Evangeline R. Gonzales at (212) 815-3738 or by writing to the following address:

The Bank of New York Trust Company, N.A.
c/o The Bank of New York
101 Barclay Street - 7 East
Corporate Trust Operations
New York, New York 10286
Attn: Evangeline R. Gonzales
Reorganization Unit

Bank of America Corporation is a bank holding company and a financial holding company. The company provides a diversified range of banking and nonbanking financial services and products in 30 states, the District of Columbia, and 44 foreign countries. The company provides these services and products through three business segments: Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management. Bank of America Corporation common stock (NYSE: BAC) is listed on the New York Stock Exchange.

This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities. The Exchange Offers are only being made pursuant to a prospectus and letter of transmittal that have been filed with the Securities and Exchange Commission as part of Bank of America's Registration Statement on Form S-4. The Registration Statement was declared effective by the Securities and Exchange Commission on April 26, 2007.

SOURCE Bank of America

CONTACT: Eloise Hale of Bank of America, +1-980-387-0013, eloise.hale@bankofamerica.com

Bank of America

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