Filed Pursuant to Rule 433
Registration No. 333-257399
BANK OF AMERICA CORPORATION
MEDIUM-TERM NOTES, SERIES N
$500,000,000
FLOATING RATE SENIOR NOTES, DUE FEBRUARY 2028
FINAL TERM SHEET
Dated February 1, 2022
| Issuer: | Bank of America Corporation | |
| Ratings of this Series*: | A2 (Moody’s)/A- (S&P)/AA- (Fitch) | |
| Title of the Series: | Floating Rate Senior Notes, due February 2028 (the “Notes”) | |
| Aggregate Principal Amount Initially Being Issued: | $500,000,000 | |
| Issue Price:
Selling Agents’ Commission: |
100%
0.35% | |
| Net Proceeds to Issuer: | $498,250,000 | |
| Trade Date: | February 1, 2022 | |
| Settlement Date: | February 4, 2022 (T+3) | |
| Maturity Date: | February 4, 2028 | |
| Ranking: | Senior | |
| Minimum Denominations: | $2,000 and multiples of $1,000 in excess of $2,000 | |
| Floating Interest Rate: | Base Rate plus the spread of 105 basis points per annum, payable quarterly in arrears for each quarterly Interest Period from, and including, the Settlement Date to, but excluding, the Maturity Date. | |
| Base Rate: | Compounded SOFR, which is a compounded average of daily SOFR (the Secured Overnight Financing Rate) as determined for each quarterly Interest Period in accordance with the Payment Delay Convention as set forth under “Description of the Notes—Floating-Rate Notes—Payment Delay Notes—Compounded SOFR, Compounded SONIA and Compounded CORRA—Determination of Compounded SOFR (Payment Delay)” in the Issuer’s Series N Prospectus Supplement dated August 4, 2021 (the “Prospectus Supplement”). | |
| Compounded SOFR Convention: | Payment Delay Convention. See “Description of the Notes—Floating-Rate Notes—Payment Delay Notes” in the Prospectus Supplement. | |
| Interest Periods: | Each quarterly period from, and including, an Interest Period Demarcation Date (or, in the case of the first Interest Period, the Settlement Date) to, but excluding, the next Interest Period Demarcation Date (or, in the case of the final Interest Period, the Maturity Date or, if the Notes are redeemed, the redemption date). | |
| Interest Period Demarcation Dates: | The 4th of each February, May, August, and November, commencing May 4, 2022 and ending on the Maturity Date or, if the Issuer elects to redeem the Notes prior to the Maturity Date, ending on the redemption date. | |
| Interest Payment Dates: | The second Business Day following each Interest Period Demarcation Date; provided that the Interest Payment Date with respect to the final Interest Period will be the Maturity Date or, if the Notes are redeemed, the redemption date. | |
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| Rate Cut-Off Date: | The second U.S. Government Securities Business Day prior to the Maturity Date or redemption date, as applicable.
For purposes of calculating Compounded SOFR with respect to the final Interest Period, the level of SOFR for each U.S. Government Securities Business Day in the period from, and including, the Rate Cut-Off Date to, but excluding, the Maturity Date or redemption date, as applicable, shall be the level of SOFR in respect of such Rate Cut-Off Date. | |
| Day Count Convention: | Actual/360 | |
| Business Days: | New York/Charlotte and U.S. Government Securities Business Day | |
| Business Day Convention: | Modified Following Business Day Convention (Adjusted) | |
| Listing: | None | |
| Lead Manager and Sole Book-Runner: | BofA Securities, Inc. | |
| Co-Managers: | Apto Partners, LLC Drexel Hamilton, LLC Great Pacific Securities Loop Capital Markets LLC MFR Securities, Inc. Telsey Advisory Group LLC ABN AMRO Securities (USA) LLC ANZ Securities, Inc. BBVA Securities Inc. BMO Capital Markets Corp. CIBC World Markets Corp. DBS Bank Ltd. HSBC Securities (USA) Inc ING Financial Markets LLC Intesa Sanpaolo S.p.A. KeyBanc Capital Markets Inc. Lloyds Securities Inc. Mizuho Securities USA LLC MUFG Securities Americas Inc. Natixis Securities Americas LLC Nomura Securities International, Inc. Nordea bank Abp PNC Capital Markets LLC Santander Investment Securities Inc. Scotia Capital (USA) Inc. SMBC Nikko Securities America, Inc. Standard Chartered Bank SVB Securities LLC UniCredit Capital Markets LLC U.S. Bancorp Investments, Inc. Westpac Capital Markets LLC | |
| CUSIP: | 06051GKH1 | |
| ISIN: | US06051GKH10 | |
| Concurrent Offerings: | $750,000,000 Floating Rate Senior Notes, due February 2025 $1,750,000,000 1.843% Fixed/Floating Rate Senior Notes, due February 2025 | |
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| $2,250,000,000 2.551% Fixed/Floating Rate Senior Notes, due February 2028 $3,750,000,000 2.972% Fixed/Floating Rate Senior Notes, due February 2033 | ||
| Optional Redemption: | The Issuer may redeem the Notes at its option, (a) in whole, but not in part, on February 4, 2027, or (b) in whole at any time or in part from time to time, on or after January 4, 2028 and prior to the Maturity Date, in each case, upon at least 5 business days’ but not more than 60 calendar days’ prior written notice to holders of the Notes at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, thereon to, but excluding, the redemption date. | |
| * | Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Each of the security ratings above should be evaluated independently of any other security rating. |
Bank of America Corporation (the “Issuer”) has filed a registration statement (including the Prospectus Supplement and a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read those documents and the other documents that the Issuer has filed with the SEC for more complete information about the Issuer and this offering, including additional information about SOFR as well as risks relating to SOFR. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the lead manager will arrange to send you the Prospectus Supplement and the prospectus if you request them by contacting BofA Securities, Inc., toll free at 1-800-294-1322. You may also request copies by e-mail from fixedincomeir@bofa.com or dg.prospectus_requests@bofa.com.
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