As Filed with the Securities and Exchange Commission on February 14, 2000
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
February 8, 2000
BANK OF AMERICA CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State of Incorporation)
1-6523
(Commission File Number)
56-0906609
(IRS Employer Identification No.)
Bank of America Corporate Center
Charlotte, North Carolina
(Address of principal executive offices)
28255
(Zip Code)
(704) 386-5000
Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS.
On February 8, 2000, a Committee appointed by the Board of
Directors of the Registrant approved the public offering of $1,000,000,000
of the Registrant's 7.80% Subordinated Notes, due 2010 (the "Notes") to
various underwriters (the "Underwriters") and otherwise established
the terms and conditions of the Notes and their sale. The resolutions of
that Committee are included as Exhibit 99.1 hereto.
Also on February 8, 2000, the Registrant entered into an
underwriting agreement (the "Underwriting Agreement") with the
Underwriters named therein. The terms of the offering and
the Notes are described in the Registrant's Prospectus dated May
21, 1998 constituting a part of the Registration Statement
(hereinafter described), as supplemented by a Prospectus
Supplement dated February 8, 2000. The Underwriting Agreement is
included as Exhibit 1.1 hereto.
The Notes were issued pursuant to the Registrant's
Registration Statement on Form S-3, Registration No. 333-51367
(the "Registration Statement"), on a delayed basis pursuant to
Rule 415 under the Securities Act of 1933, as amended. The
Registration Statement registered up to $10,000,000,000 aggregate
initial offering price of the Registrant's unsecured debt
securities (either senior or subordinated), warrants, units and
shares of its preferred stock and common stock.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
The following exhibits are filed herewith:
EXHIBIT NO. DESCRIPTION OF EXHIBIT
1.1 Underwriting Agreement dated February 8,
2000 with respect to the offering
of the Notes
4.1 Form of Note
5.1 Opinion of Smith Helms Mulliss & Moore,
L.L.P. regarding legality of the Notes
99.1 Resolutions of a Committee of the Board
of Directors effective February 8, 2000
with respect to the terms of the
offering of the Notes
99.2 News Release disseminated on February 8, 2000
regarding the sale of the Notes
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
BANK OF AMERICA CORPORATION
/s/ TERESA M. BRENNER
By: TERESA M. BRENNER
Assistant General Counsel
Dated: February 14, 2000
BANK OF AMERICA CORPORATION
UNDERWRITING AGREEMENT
(7.80% Subordinated Notes, due 2010)
New York, New York
February 8, 2000
To the Representatives
named in Schedule I
hereto of the Underwriters
named in Schedule II hereto
Dear Sirs:
Bank of America Corporation, a Delaware corporation (the
"Company"), proposes to sell to the underwriters named in
Schedule II hereto (the "Underwriters"), for whom you are acting
as representatives (the "Representatives"), the principal amount
of its securities identified in Schedule I hereto (the
"Securities"), to be issued under an indenture (the "Indenture")
dated as of January 1, 1995 between the Company and The Bank of
New York, as trustee (the "Trustee"). If the firm or firms
listed in Schedule II hereto include only the firm or firms
listed in Schedule I hereto, then the terms "Underwriters" and
"Representatives", as used herein, each shall be deemed to refer
to such firm or firms.
1. Representations and Warranties. (a) The Company
represents and warrants to, and agrees with, each Underwriter
that:
(i) The Company meets the requirements for use of
Form S-3 under the Securities Act of 1933, as amended (the "Act")
and has filed with the Securities and Exchange Commission (the
"Commission") a registration statement on such form (the file
number of which is set forth in Schedule I hereto), which has
become effective, for the registration under the Act of the
Securities. Such registration statement, as amended at the date
of this Agreement, meets the requirements set forth in Rule
415(a)(1) under the Act and complies in all other material
respects with said Rule. The Company proposes to file with the
Commission pursuant to Rule 424 or Rule 434 under the Act a
supplement to the form of prospectus included in such
registration statement relating to the Securities and the plan of
distribution thereof and has previously advised you of all
further information (financial and other) with respect to the
Company to be set forth therein. Such registration statement,
including the exhibits thereto, as amended at the date of this
Agreement, is hereinafter called the "Registration Statement";
such prospectus in the form in which it appears in the
Registration Statement is hereinafter called the "Basic
Prospectus"; and such supplemented form of prospectus, in the
form in which it shall be filed with the Commission pursuant to
Rule 424 or Rule 434 (including the Basic Prospectus as so
supplemented) is hereinafter called the "Final Prospectus." Any
preliminary form of the Final Prospectus which has heretofore
been filed pursuant to Rule 424 hereinafter is called the
"Preliminary Final Prospectus." Any reference herein to the
Registration Statement, the Basic Prospectus, any Preliminary
Final Prospectus or the Final Prospectus shall be deemed to refer
to and include the documents incorporated by reference therein
pursuant to Item 12 of Form S-3 which were filed under the
Securities Exchange Act of 1934, as amended (the "Exchange Act")
on or before the date of this Agreement, or the issue date of the
Basic Prospectus, any Preliminary Final Prospectus or the Final
Prospectus, as the case may be; and any reference herein to the
terms "amend", "amendment" or "supplement" with respect to the
Registration Statement, the Basic Prospectus, and the Preliminary
Final Prospectus or the Final Prospectus shall be deemed to refer
to and include the filing of any document under the Exchange Act
after the date of this Agreement, or the issue date of the Basic
Prospectus, any Preliminary Final Prospectus or the Final
Prospectus, as the case may be, and deemed to be incorporated
therein by reference.
(ii) As of the date hereof, when the Final
Prospectus is first filed pursuant to Rule 424 or Rule 434 under
the Act, when, prior to the Closing Date (as hereinafter
defined), any amendment to the Registration Statement becomes
effective (including the filing of any document incorporated by
reference in the Registration Statement), when any supplement to
the Final Prospectus is filed with the Commission and at the
Closing Date (as hereinafter defined), (i) the Registration
Statement as amended as of any such time, and the Final
Prospectus, as amended or supplemented as of any such time, and
the Indenture will comply in all material respects with the
applicable requirements of the Act, the Trust Indenture Act of
1939 (the "Trust Indenture Act") and the Exchange Act and the
respective rules thereunder, (ii) the Registration Statement, as
amended as of any such time, will not contain any untrue
statement of a material fact or omit to state any material fact
required to be stated therein or necessary in order to make the
statements therein not misleading, and (iii) the Final
Prospectus, as amended or supplemented as of any such time, will
not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or
necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading;
provided, however, that the Company makes no representations or
warranties as to (A) that part of the Registration Statement
which shall constitute the Statement of Eligibility and
Qualification of the Trustee (Form T-1) under the Trust Indenture
Act of the Trustee or (B) the information contained in or omitted
from the Registration Statement or the Final Prospectus or any
amendment thereof or supplement thereto in reliance upon and in
conformity with information furnished in writing to the Company
by or on behalf of any Underwriter through the Representatives
specifically for use in connection with the preparation of the
Registration Statement and the Final Prospectus.
(b) Each Underwriter represents and agrees that it has
not and will not, directly or indirectly, offer, sell or deliver
any of the Securities or distribute the Final Prospectus or any
other offering materials relating to the Securities in or from
any jurisdiction except under circumstances that will, to the
best of its knowledge and belief, result in compliance with any
applicable laws and regulations thereof and that, to the best of
its knowledge and belief, will not impose any obligations on the
Company except as set forth herein.
2. Purchase and Sale. Subject to the terms and conditions
and in reliance upon the representations and warranties herein
set forth, the Company agrees to sell to each Underwriter, and
each Underwriter agrees, severally and not jointly, to purchase
from the Company, at the purchase price set forth in Schedule I
hereto, the principal amount of the Securities set forth opposite
such Underwriter's name in Schedule II hereto, except that, if
Schedule I hereto provides for the sale of Securities pursuant to
delayed delivery arrangements, the respective principal amounts
of Securities to be purchased by the Underwriters shall be set
forth in Schedule II hereto, less the respective amounts of
Contract Securities determined as provided below. Securities to
be purchased by the Underwriters are herein sometimes called the
"Underwriters' Securities" and Securities to be purchased
pursuant to Delayed Delivery Contracts as hereinafter provided
are herein called "Contract Securities."
If so provided in Schedule I hereto, the Underwriters are
authorized to solicit offers to purchase Securities from the
Company pursuant to delayed delivery contracts ("Delayed Delivery
Contracts"), substantially in the form of Schedule III hereto but
with such changes therein as the Company may authorize or
approve. The Underwriters will endeavor to make such
arrangements and, as compensation therefor, the Company will pay
to the Representatives, for the account of the Underwriters, on
the Closing Date, the percentage set forth in Schedule I hereto
of the principal amount of the Securities for which Delayed
Delivery Contracts are made. Delayed Delivery Contracts are to
be with institutional investors, including commercial and savings
banks, insurance companies, pension funds, investment companies
and educational and charitable institutions. The Company will
make Delayed Delivery Contracts in all cases where sales of
Contract Securities arranged by the Underwriters have been
approved by the Company but, except as the Company may otherwise
agree, each such Delayed Delivery Contract must be for not less
than the minimum principal amount set forth in Schedule I hereto
and the aggregate principal amount of Contract Securities may not
exceed the maximum aggregate principal amount set forth in
Schedule I hereto. The Underwriters will not have any
responsibility in respect of the validity or performance of
Delayed Delivery Contracts. The principal amount of Securities
to be purchased by each Underwriter as set forth in Schedule II
hereto shall be reduced by an amount which shall bear the same
proportion to the total principal amount of Contract Securities
as the principal amount of Securities set forth opposite the name
of such Underwriter bears to the aggregate principal amount set
forth in Schedule II hereto, except to the extent that you
determine that such reduction shall be otherwise than in such
proportion and so advise the Company in writing; provided,
however, that the total principal amount of Securities to be
purchased by all Underwriters shall be the aggregate principal
amount set forth in Schedule II hereto, less the aggregate
principal amount of Contract Securities.
3. Delivery and Payment. Delivery of and payment for the
Underwriters' Securities shall be made on the date and at the
time specified in Schedule I hereto, which date and time may be
postponed by agreement between the Representatives and the
Company or as provided in Section 8 hereof (such date and time of
delivery and payment for the Securities being herein called the
"Closing Date"). Delivery of the Underwriters' Securities shall
be made to the Representatives for the respective accounts of the
several Underwriters against payment by the several Underwriters
through the Representatives of the purchase price thereof in the
manner set forth in Schedule I hereto. Unless otherwise agreed,
certificates for the Underwriters' Securities shall be in the
form set forth in Schedule I hereto, and such certificates may be
deposited with The Depository Trust Company ("DTC") or a
custodian of DTC and registered in the name of Cede & Co., as
nominee for DTC.
4. Agreements. The Company agrees with the several
Underwriters that:
(a) Prior to the termination of the offering of the
Securities, the Company will not file any amendment of the
Registration Statement or supplement (including the Final
Prospectus) to the Basic Prospectus unless the Company has
furnished you a copy for your review prior to filing and will not
file any such proposed amendment or supplement to which you
reasonably object. Subject to the foregoing sentence, the
Company will cause the Final Prospectus to be filed with the
Commission pursuant to Rule 424 or Rule 434 via the Electronic
Data Gathering, Analysis and Retrieval System. The Company will
advise the Representatives promptly (i) when the Final Prospectus
shall have been filed with the Commission pursuant to Rule 424 or
Rule 434, (ii) when any amendment to the Registration Statement
relating to the Securities shall have become effective, (iii) of
any request by the Commission for any amendment of the
Registration Statement or amendment of or supplement to the Final
Prospectus or for any additional information, (iv) of the
issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or the institution or
threatening of any proceeding for that purpose and (v) of the
receipt by the Company of any notification with respect to the
suspension of the qualification of the Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding
for such purpose. The Company will use its best efforts to
prevent the issuance of any such stop order and, if issued, to
obtain as soon as possible the withdrawal thereof.
(b) If, at any time when a prospectus relating to the
Securities is required to be delivered under the Act, except with
respect to any such delivery requirement imposed upon an
affiliate of the Company in connection with any secondary market
sales, any event occurs as a result of which the Final Prospectus
as then amended or supplemented would include any untrue
statement of a material fact or omit to state any material fact
necessary to make the statements therein in light of the
circumstances under which they were made not misleading, or if it
shall be necessary to amend or supplement the Final Prospectus to
comply with the Act or the Exchange Act or the respective rules
thereunder, the Company promptly will prepare and file with the
Commission, subject to the first sentence of paragraph (a) of
this Section 4, an amendment or supplement which will correct
such statement or omission or an amendment which will effect such
compliance.
(c) The Company will make generally available to its
security holders and to the Representatives as soon as
practicable, but not later than 60 days after the close of the
period covered thereby, an earnings statement (in form complying
with the provisions of Rule 158 of the regulations under the Act)
covering a twelve month period beginning not later than the first
day of the Company's fiscal quarter next following the "effective
date" (as defined in said Rule 158) of the Registration
Statement.
(d) The Company will furnish to the Representatives
and counsel for the Underwriters, without charge, copies of the
Registration Statement (including exhibits thereto) and each
amendment thereto which shall become effective on or prior to the
Closing Date and, so long as delivery of a prospectus by an
Underwriter or dealer may be required by the Act, as many copies
of any Preliminary Final Prospectus and the Final Prospectus and
any amendments thereof and supplements thereto as the
Representatives may reasonably request. The Company will pay the
expenses of printing all documents relating to the offering.
(e) The Company will arrange for the qualification of
the Securities for sale under the laws of such jurisdictions as
the Representatives may reasonably designate, will maintain such
qualifications in effect so long as required for the distribution
of the Securities and will arrange for the determination of the
legality of the Securities for purchase by institutional
investors; provided, however, that the Company shall not be
required to qualify to do business in any jurisdiction where it
is not now so qualified or to take any action which would subject
it to general or unlimited service of process of any jurisdiction
where it is not now so subject.
(f) Until the business day following the Closing Date,
the Company will not, without the consent of the Representatives,
offer or sell, or announce the offering of, any securities
covered by the Registration Statement or by any other
registration statement filed under the Act; provided, however,
the Company may, at any time, offer or sell or announce the
offering of any securities (A) covered by a registration
statement on Form S-8 or (B) covered by a registration statement
on Form S-3 and (i) pursuant to which the Company issues
securities under one of the Company's medium-term note programs
or (ii) pursuant to which the Company issues securities for its
dividend reinvestment plan.
5. Conditions to the Obligations of the Underwriters. The
obligations of the Underwriters to purchase the Underwriters'
Securities shall be subject to the accuracy of the
representations and warranties on the part of the Company
contained herein as of the date hereof, as of the date of the
effectiveness of any amendment to the Registration Statement
filed prior to the Closing Date (including the filing of any
document incorporated by reference therein) and as of the Closing
Date, to the accuracy of the statements of the Company made in
any certificates pursuant to the provisions hereof, to the
performance by the Company of its obligations hereunder and to
the following additional conditions:
(a) No stop order suspending the effectiveness of the
Registration Statement, as amended from time to time, shall have
been issued and no proceedings for that purpose shall have been
instituted or threatened; and the Final Prospectus shall have
been filed or mailed for filing with the Commission within the
time period prescribed by the Commission.
(b) The Company shall have furnished to the
Representatives the opinion of Smith Helms Mulliss & Moore,
L.L.P., counsel for the Company, dated the Closing Date, to the
effect of paragraphs (i), (iv) and (vi) through (xii) below, and
the opinion of Paul J. Polking, General Counsel to the Company,
dated the Closing Date, to the effect of paragraphs (ii), (iii)
and (v) below:
(i) the Company is a duly organized and validly
existing corporation in good standing under the laws of the State
of Delaware, has the corporate power and authority to own its
properties and conduct its business as described in the Final
Prospectus, and is duly registered as a bank holding company
under the Bank Holding Company Act of 1956, as amended; Bank of
America, N. A. (the "Principal Subsidiary Bank") is a national
banking association formed under the laws of the United States
and authorized thereunder to transact business;
(ii) each of the Company and the Principal
Subsidiary Bank is qualified or licensed to do business as a
foreign corporation in any jurisdiction in which such counsel has
knowledge that the Company or the Principal Subsidiary, as the
case may be, is required to be so qualified or licensed;
(iii) all the outstanding shares of capital
stock of the Principal Subsidiary Bank have been duly and validly
authorized and issued and are fully paid and (except as provided
in 12 U.S.C. Section 55, as amended) nonassessable, and, except as
otherwise set forth in the Final Prospectus, all outstanding
shares of capital stock of the Principal Subsidiary Bank (except
directors' qualifying shares) are owned, directly or indirectly,
by the Company free and clear of any perfected security interest
and, to the knowledge of such counsel, after due inquiry, any
other security interests, claims, liens or encumbrances;
(iv) the Securities conform in all material
respects to the description thereof contained in the Final
Prospectus;
(v) if the Securities are to be listed on the New
York Stock Exchange, authorization therefor has been given,
subject to official notice of issuance and evidence of
satisfactory distribution, or the Company has filed a preliminary
listing application and all required supporting documents with
respect to the Securities with the New York Stock Exchange and
such counsel received no information stating that the Securities
will not be authorized for listing, subject to official notice of
issuance and evidence of satisfactory distribution;
(vi) the Indenture has been duly authorized,
executed and delivered by the Company, has been duly qualified
under the Trust Indenture Act, and constitutes a legal, valid and
binding instrument enforceable against the Company in accordance
with its terms (subject, as to enforcement of remedies, to
applicable bankruptcy, reorganization, insolvency, moratorium,
fraudulent conveyance or other similar laws affecting the rights
of creditors now or hereafter in effect, and to equitable
principles that may limit the right to specific enforcement of
remedies, and further subject to 12 U.S.C. Section 1818(b)(6)(D) and
similar bank regulatory powers and to the application of
principles of public policy); and the Securities have been duly
authorized and, when executed and authenticated in accordance
with the provisions of the Indenture and delivered to and paid
for by the Underwriters pursuant to this Agreement, in the case
of the Underwriters' Securities, or by the purchasers thereof
pursuant to Delayed Delivery Contracts, in the case of any
Contract Securities, will constitute legal, valid and binding
obligations of the Company entitled to the benefits of the
Indenture (subject, as to enforcement of remedies, to applicable
bankruptcy, reorganization, insolvency, moratorium, fraudulent
conveyance or other similar laws affecting the rights of
creditors now or hereafter in effect, and to equitable principles
that may limit the right to specific enforcement of remedies, and
further subject to 12 U.S.C. Section 1818(b)(6)(D) and similar bank
regulatory powers and to the application of principles of public
policy);
(vii) such counsel is without knowledge that
(1) there is any pending or threatened action, suit or proceeding
before or by any court or governmental agency, authority or body
or any arbitrator involving the Company or any of its
subsidiaries, of a character required to be disclosed in the
Registration Statement which is not adequately disclosed in the
Final Prospectus, or (2) any franchise, contract or other
document of a character required to be described in the
Registration Statement or Final Prospectus, or to be filed as an
exhibit to the Registration Statement, is not so described or
filed as required;
(viii) the Registration Statement has become
effective under the Act; such counsel is without knowledge that
any stop order suspending the effectiveness of the Registration
Statement has been issued or any proceedings for that purpose
have been instituted or threatened; and the Registration
Statement, the Final Prospectus and each amendment thereof or
supplement thereto (other than the financial statements and other
financial and statistical information contained therein or
incorporated by reference therein, as to which such counsel need
express no opinion) comply as to form in all material respects
with the applicable requirements of the Act and the Exchange Act
and the respective rules thereunder;
(ix) this Agreement and any Delayed Delivery
Contracts have been duly authorized, executed and delivered by
the Company and each constitutes a legal, valid and binding
agreement of the Company enforceable against the Company in
accordance with its terms (subject, as to enforcement of
remedies, to applicable bankruptcy, reorganization, insolvency,
moratorium, fraudulent conveyance or other similar laws affecting
the rights of creditors now or hereafter in effect, and to
equitable principles that may limit the right to specific
enforcement of remedies, and except insofar as the enforceability
of the indemnity and contribution provisions contained in this
Agreement may be limited by federal and state securities laws,
and further subject to 12 U.S.C. Section 1818(b)(6)(D) and similar bank
regulatory powers and to the application of principles of public
policy);
(x) no consent, approval, authorization or order
of any court or governmental agency or body is required on behalf
of the Company for the consummation of the transactions
contemplated herein or in any Delayed Delivery Contracts, except
such as have been obtained under the Act and such as may be
required under the blue sky or insurance laws of any jurisdiction
in connection with the purchase and distribution of the
Securities by the Underwriters and such other approvals
(specified in such opinion) as have been obtained;
(xi) neither the issue and sale of the Securities,
nor the consummation of any other of the transactions herein
contemplated nor the fulfillment of the terms hereof or of any
Delayed Delivery Contracts will conflict with, result in a breach
of, or constitute a default under the certificate of
incorporation or by-laws of the Company or (1) the terms of any
material indenture or other agreement or instrument known to such
counsel and to which the Company or the Principal Subsidiary Bank
is a party or bound, or (2) any order or regulation known to such
counsel to be applicable to the Company or the Principal
Subsidiary Bank of any court, regulatory body, administrative
agency, governmental body or arbitrator having jurisdiction over
the Company or the Principal Subsidiary Bank; and
(xii) such counsel is without knowledge of
rights to the registration of securities of the Company under the
Registration Statement which have not been waived by the holders
of such rights or which have not expired by reason of lapse of
time following notification of the Company's intention to file
the Registration Statement.
In rendering such opinion, but without opining in
connection therewith, such counsel shall also state that,
although it has not independently verified, is not passing upon
and assumes no responsibility for the accuracy, completeness or
fairness of the statements contained in the Registration
Statement, it has no reason to believe that the Registration
Statement or any amendment thereof at the time it became
effective contained any untrue statement of a material fact or
omitted to state any material fact required to be stated therein
or necessary to make the statements therein not misleading or
that the Final Prospectus, as amended or supplemented, contains
any untrue statement of a material fact or omits to state a
material fact necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading.
In rendering such opinion, such counsel may rely (A) as
to matters involving the application of laws of any jurisdiction
other than the State of North Carolina or the United States, or
the General Corporate Law of Delaware to the extent deemed proper
and specified in such opinion, upon the opinion of other counsel
of good standing believed to be reliable and who are satisfactory
to counsel for the Underwriters; and (B) as to matters of fact,
to the extent deemed proper, on certificates of responsible
officers of the Company and its subsidiaries and public
officials.
(c) The Representatives shall have received from
Stroock & Stroock & Lavan LLP, counsel for the Underwriters, such
opinion or opinions, dated the Closing Date, with respect to the
issuance and sale of the Securities, the Indenture, any Delayed
Delivery Contracts, the Registration Statement, the Final
Prospectus and other related matters as the Representatives may
reasonably require, and the Company shall have furnished to such
counsel such documents as they request for the purpose of
enabling them to pass upon such matters.
(d) The Company shall have furnished to the
Representatives a certificate of the Company, signed by the
Chairman of the Board and Chief Executive Officer or a Senior
Vice President and the principal financial or accounting officer
of the Company, dated the Closing Date, to the effect that the
signers of such certificate have carefully examined the
Registration Statement, the Final Prospectus and this Agreement
and that to the best of their knowledge:
(i) the representations and warranties of the
Company in this Agreement are true and correct in all material
respects on and as of the Closing Date with the same effect as if
made on the Closing Date and the Company has complied with all
the agreements and satisfied all the conditions on its part to be
performed or satisfied at or prior to the Closing Date;
(ii) no stop order suspending the effectiveness of
the Registration Statement, as amended, has been issued and no
proceedings for that purpose have been instituted or threatened;
and
(iii) since the date of the most recent
financial statements included in the Final Prospectus, there has
been no material adverse change in the condition (financial or
other), earnings, business or properties of the Company and its
subsidiaries, whether or not arising from transactions in the
ordinary course of business, except as set forth in or
contemplated in the Final Prospectus.
(e) At the Closing Date, PricewaterhouseCoopers LLP
shall have furnished to the Representatives a letter or letters
(which may refer to letters previously delivered to one or more
of the Representatives), dated as of the Closing Date, in form
and substance satisfactory to the Representatives, confirming
that the response, if any, to Item 10 of the Registration
Statement is correct insofar as it relates to them and stating in
effect that:
(i) They are independent accountants within the
meaning of the Act and the Exchange Act and the respective
applicable published rules and regulations thereunder.
(ii) In their opinion, the consolidated financial
statements of the Company and its subsidiaries audited by them
and included or incorporated by reference in the Registration
Statement and Final Prospectus comply as to form in all material
respects with the applicable accounting requirements of the Act
and the regulations thereunder with respect to registration
statements on Form S-3 and the Exchange Act and the regulations
thereunder.
(iii) On the basis of procedures (but not an
audit in accordance with generally accepted auditing standards)
consisting of:
(a) Reading the minutes of the meetings of the
shareholders, the board of directors, executive committee and
audit committee of the Company and the boards of directors and
executive committees of its subsidiaries as set forth in the
minute books through a specified date not more than five business
days prior to the date of delivery of such letter;
(b) Performing the procedures specified by the
American Institute of Certified Public Accountants for a review
of interim financial information as described in SAS No. 71,
Interim Financial Information, on the unaudited condensed
consolidated interim financial statements of the Company and its
consolidated subsidiaries included or incorporated by reference
in the Registration Statement and Final Prospectus and reading
the unaudited interim financial data, if any, for the period from
the date of the latest balance sheet included or incorporated by
reference in the Registration Statement and Final Prospectus to
the date of the latest available interim financial data; and
(c) Making inquiries of certain officials of the
Company who have responsibility for financial and accounting
matters regarding the specific items for which representations
are requested below;
nothing has come to their attention as a result of the
foregoing procedures that caused them to believe that:
(1) the unaudited condensed consolidated interim
financial statements, included or incorporated by reference in
the Registration Statement and Final Prospectus, do not comply as
to form in all material respects with the applicable accounting
requirements of the Exchange Act and the published rules and
regulations thereunder;
(2) any material modifications should be made to
the unaudited condensed consolidated interim financial
statements, included or incorporated by reference in the
Registration Statement and Final Prospectus, for them to be in
conformity with generally accepted accounting principles;
(3) (i) at the date of the latest available
interim financial data and at the specified date not more than
five business days prior to the date of the delivery of such
letter, there was any change in the capital stock or the
long-term debt (other than scheduled repayments of such debt) or
any decreases in shareholders' equity of the Company and the
subsidiaries on a consolidated basis as compared with the amounts
shown in the latest balance sheet included or incorporated by
reference in the Registration Statement and the Final Prospectus
or (ii) for the period from the date of the latest available
financial data to a specified date not more than five business
days prior to the delivery of such letter, there was any change
in the capital stock or the long-term debt (other than scheduled
repayments of such debt) or any decreases in shareholders' equity
of the Company and the subsidiaries on a consolidated basis,
except in all instances for changes or decreases which the
Registration Statement and Prospectus discloses have occurred or
may occur, or PricewaterhouseCoopers LLP shall state any specific
changes or decreases.
(iv) The letter shall also state that
PricewaterhouseCoopers LLP has carried out certain other
specified procedures, not constituting an audit, with respect to
certain amounts, percentages and financial information which are
included or incorporated by reference in the Registration
Statement and Final Prospectus and which are specified by the
Representatives and agreed to by PricewaterhouseCoopers LLP, and
has found such amounts, percentages and financial information to
be in agreement with the relevant accounting, financial and other
records of the Company and its subsidiaries identified in such
letter.
In addition, at the time this Agreement is executed,
PricewaterhouseCoopers LLP shall have furnished to the
Representatives a letter or letters, dated the date of this
Agreement, in form and substance satisfactory to the
Representatives, to the effect set forth in this paragraph (e)
and in Schedule I hereto.
(f) Subsequent to the respective dates as of which
information is given in the Registration Statement and the Final
Prospectus, there shall not have been (i) any change or decrease
specified in the letter or letters referred to in paragraph (e)
of this Section 5 or (ii) any change, or any development
involving a prospective change, in or affecting the earnings,
business or properties of the Company and its subsidiaries the
effect of which, in any case referred to in clause (i) or (ii)
above, is, in the judgment of the Representatives, so material
and adverse as to make it impractical or inadvisable to proceed
with the offering or the delivery of the Securities as
contemplated by the Registration Statement and the Final
Prospectus.
(g) Prior to the Closing Date, the Company shall have
furnished to the Representatives such further information,
certificates and documents as the Representatives may reasonably
request.
(h) The Company shall have accepted Delayed Delivery
Contracts in any case where sales of Contract Securities arranged
by the Underwriters have been approved by the Company.
If any of the conditions specified in this Section 5 shall
not have been fulfilled in all material respects when and as
provided in this Agreement, or if any of the opinions and
certificates mentioned above or elsewhere in this Agreement shall
not be in all material respects reasonably satisfactory in form
and substance to the Representatives and their counsel, this
Agreement and all obligations of the Underwriters hereunder may
be canceled at, or at any time prior to, the Closing Date by the
Representatives. Notice of such cancellation shall be given to
the Company in writing or by telephone or telegraph confirmed in
writing.
6. Reimbursement of Underwriters' Expenses. If the sale
of the Securities provided for herein is not consummated because
any condition to the obligations of the Underwriters set forth in
Section 5 hereof is not satisfied or because of any refusal,
inability or failure on the part of the Company to perform any
agreement herein or comply with any provision hereof other than
by reason of a default by any of the Underwriters, the Company
will reimburse the Underwriters severally upon demand for all
out-of-pocket expenses (including reasonable fees and
disbursements of counsel) that shall have been incurred by them
in connection with the proposed purchase and sale of the
Securities.
7. Indemnification and Contribution. (a) The Company
agrees to indemnify and hold harmless each Underwriter and each
person who controls any Underwriter within the meaning of either
the Act or the Exchange Act against any and all losses, claims,
damages or liabilities, joint or several, to which they or any of
them may become subject under the Act, the Exchange Act or other
Federal or state statutory law or regulation, at common law or
otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon
any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement as originally filed
or in any amendment thereof, or arise out of or are based upon
omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements
therein not misleading, or arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact
contained in the Prospectus, or any amendment or supplement
thereof, or arise out of or are based upon any omission or
alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not
misleading, and agrees to reimburse each such indemnified party
for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim,
damage, liability or action; provided, however, that (i) the
Company will not be liable in any such case to the extent that
any such loss, claim, damage or liability arises out of or is
based upon any such untrue statement or alleged untrue statement
or omission or alleged omission made therein in reliance upon and
in conformity with written information furnished to the Company
by or on behalf of any Underwriter through the Representatives
specifically for use in connection with the preparation thereof,
or arises out of or is based upon statements in or omissions from
that part of the Registration Statement which shall constitute
the Statement of Eligibility and Qualification of the Trustee
(Form T-1) under the 1939 Act of either of the Trustees, and (ii)
such indemnity with respect to the Basic Prospectus or any
Preliminary Final Prospectus shall not inure to the benefit of
any Underwriter (or any person controlling such Underwriter) from
whom the person asserting any such loss, claim, damage or
liability purchased the Securities which are the subject thereof
if such person did not receive a copy of the Final Prospectus (or
the Final Prospectus as amended or supplemented) excluding
documents incorporated therein by reference at or prior to the
confirmation of the sale of such Securities to such person in any
case where such delivery is required by the Act and the untrue
statement or omission of a material fact contained in the Basic
Prospectus or any Preliminary Final Prospectus was corrected in
the Final Prospectus (or the Final Prospectus as amended or
supplemented). This indemnity agreement will be in addition to
any liability which the Company may otherwise have.
(b) Each Underwriter severally agrees to indemnify and
hold harmless the Company, each of its directors, each of its
officers who signs the Registration Statement, and each person
who controls the Company within the meaning of either the Act or
the Exchange Act, to the same extent as the foregoing indemnity
from the Company to each Underwriter, but only with reference to
written information relating to such Underwriter furnished to the
Company by or on behalf of such Underwriter through the
Representatives specifically for use in the preparation of the
documents referred to in the foregoing indemnity. This indemnity
agreement will be in addition to any liability which any
Underwriter may otherwise have. The Company acknowledges that
the statements set forth in the language on the cover page
required by Item 509 of Regulation S-K and under the heading
"Underwriting" or "Plan of Distribution" in any Preliminary Final
Prospectus or the Final Prospectus constitute the only
information furnished in writing by or on behalf of the several
Underwriters for inclusion in the documents referred to in the
foregoing indemnity, and you, as the Representatives, confirm
that such statements are correct.
(c) Promptly after receipt by an indemnified party
under this Section 7 of notice of the commencement of any action,
such indemnified party will, if a claim in respect thereof is to
be made against the indemnifying party under this Section 7,
notify the indemnifying party in writing of the commencement
thereof; but the omission so to notify the indemnifying party
will not relieve it from any liability which it may have to any
indemnified party otherwise than under this Section 7. In case
any such action is brought against any indemnified party, and it
notifies the indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein, and,
to the extent that it may elect by written notice delivered to
the indemnified party promptly after receiving the aforesaid
notice from such indemnified party, to assume the defense
thereof, with counsel satisfactory to such indemnified party;
provided, however, that if the defendants in any such action
include both the indemnified party and the indemnifying party and
the indemnified party shall have reasonably concluded that there
may be legal defenses available to it and/or other indemnified
parties which are different from or additional to those available
to the indemnifying party, the indemnified party or parties shall
have the right to select separate counsel to assert such legal
defenses and to otherwise participate in the defense of such
action on behalf of such indemnified party or parties. Upon
receipt of notice from the indemnifying party to such indemnified
party of its election so to assume the defense of such action and
approval by the indemnified party of counsel, the indemnifying
party will not be liable to such indemnified party under this
Section 7 for any legal or other expenses subsequently incurred
by such indemnified party in connection with the defense thereof
unless (i) the indemnified party shall have employed separate
counsel in connection with the assertion of legal defenses in
accordance with the proviso to the next preceding sentence (it
being understood, however, that the indemnifying party shall not
be liable for the expenses of more than one separate counsel,
approved by the Representatives in the case of subparagraph (a),
representing the indemnified parties under subparagraph (a) who
are parties to such action), (ii) the indemnifying party shall
not have employed counsel satisfactory to the indemnified party
to represent the indemnified party within a reasonable time after
notice of commencement of the action or (iii) the indemnifying
party has authorized the employment of counsel for the
indemnified party at the expense of the indemnifying party; and
except that if clause (i) or (iii) is applicable, such liability
shall be only in respect of the counsel referred to in such
clause (i) or (iii).
(d) To provide for just and equitable contribution in
circumstances in which the indemnification provided for in
paragraph (a) of this Section 7 is due in accordance with its
terms but is for any reason held by a court to be unavailable
from the Company on the grounds of policy or otherwise, the
Company and the Underwriters shall contribute to the aggregate
losses, claims, damages and liabilities (including legal or other
expenses reasonably incurred in connection with investigating or
defending same) to which the Company and one or more of the
Underwriters may be subject in such proportion so that the
Underwriters are responsible for that portion represented by the
percentage that the underwriting discount bears to the sum of
such discount and the purchase price of the Securities specified
in Schedule I hereto and the Company is responsible for the
balance; provided, however, that (y) in no case shall any
Underwriter (except as may be provided in any agreement among
underwriters relating to the offering of the Securities) be
responsible for any amount in excess of the underwriting discount
applicable to the Securities purchased by such Underwriter
hereunder and (z) no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the
Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation. For purposes of
this Section 7, each person who controls an Underwriter within
the meaning of the Act shall have the same rights to contribution
as such Underwriter, and each person who controls the Company
within the meaning of either the Act or the Exchange Act, each
officer of the Company who shall have signed the Registration
Statement and each director of the Company shall have the same
rights to contribution as the Company, subject in each case to
clause (y) of this paragraph (d). Any party entitled to
contribution will, promptly after receipt of notice of
commencement of any action, suit or proceeding against such party
in respect of which a claim for contribution may be made against
another party or parties under this paragraph (d), notify such
party or parties from whom contribution may be sought, but the
omission to so notify such party or parties shall not relieve the
party or parties from whom contribution may be sought from any
other obligation it or they may have hereunder or otherwise than
under this paragraph (d).
8. Default by an Underwriter. If any one or more
Underwriters shall fail to purchase and pay for any of the
Securities agreed to be purchased by such Underwriter or
Underwriters hereunder and such failure to purchase shall
constitute a default in the performance of its or their
obligations under this Agreement, the remaining Underwriters
shall be obligated severally to take up and pay for (in the
respective proportions which the amount of Securities set forth
opposite their names in Schedule II hereto bear to the aggregate
amount of Securities set forth opposite the names of all the
remaining Underwriters) the Securities which the defaulting
Underwriter or Underwriters agreed but failed to purchase;
provided, however, that in the event that the aggregate amount of
Securities which the defaulting Underwriter or Underwriters
agreed but failed to purchase shall exceed 10% of the aggregate
amount of Securities set forth in Schedule II hereto, the
remaining Underwriters shall have the right to purchase all, but
shall not be under any obligation to purchase any, of the
Securities, and if such nondefaulting Underwriters do not
purchase all the Securities, this Agreement will terminate
without liability to any nondefaulting Underwriter or the
Company. In the event of a default by any Underwriter as set
forth in this Section 8, the Closing Date shall be postponed for
such period, not exceeding seven days, as the Representatives
shall determine in order that the required changes in the
Registration Statement and the Final Prospectus or in any other
documents or arrangements may be effected. Nothing contained in
this Agreement shall relieve any defaulting Underwriter of its
liability, if any, to the Company and any nondefaulting
Underwriter for damages occasioned by its default hereunder.
9. Termination. This Agreement shall be subject to
termination in the absolute discretion of the Representatives, by
notice given to the Company prior to delivery of and payment for
the Securities, if prior to such time (i) trading in securities
generally on the New York Stock Exchange shall have been
suspended or limited or minimum prices shall have been
established on such exchange, (ii) a banking moratorium shall
have been declared by Federal authorities or (iii) there shall
have occurred any outbreak or material escalation of hostilities
or other calamity or crisis the effect of which on the financial
markets of the United States is such as to make it, in the
judgment of the Representatives, impracticable to market the
Securities.
10. Representations and Indemnities to Survive. The
respective agreements, representations, warranties, indemnities
and other statements of the Company or its officers and of the
Underwriters set forth in or made pursuant to this Agreement will
remain in full force and effect, regardless of any investigation
made by or on behalf of any Underwriter or the Company or any of
the officers, directors or controlling persons referred to in
Section 7 hereof, and will survive delivery of and payment for
the Securities. The provisions of Section 6 and 7 hereof and
this Section 10 shall survive the termination or cancellation of
this Agreement.
11. Notices. All communications hereunder will be in
writing and effective only on receipt, and, if sent to the
Representatives, will be mailed, delivered or telegraphed and
confirmed to them, at the address specified in Schedule I hereto,
with a copy to: Stroock & Stroock & Lavan LLP, 180 Maiden Lane,
New York, New York 10038, Attn: James R. Tanenbaum; or, if sent
to the Company, will be mailed, delivered or telegraphed and
confirmed to it at Bank of America Corporate Center, 100 North
Tryon Street, Charlotte, North Carolina 28255, attention of the
Secretary, with a copy to each of: Bank of America Corporation,
Bank of America Corporate Center, 100 North Tryon Street, Legal
Department, NC 1007-20-1, Charlotte, North Carolina 28255, Attn:
Paul J. Polking, General Counsel; and Smith Helms Mulliss &
Moore, L.L.P., 201 North Tryon Street, Charlotte, North Carolina
28202, Attn: Boyd C. Campbell, Jr.
12. Successors. This Agreement will inure to the benefit
of and be binding upon the parties hereto and their respective
successors and the officers and directors and controlling persons
referred to in Section 7 hereof, and no other person will have
any right or obligation hereunder.
13. Applicable Law. This Agreement will be governed by and
construed in accordance with the internal laws of the State of
New York, without giving effect to principles of conflict of
laws.
If the foregoing is in accordance with your understanding of
our agreement, please sign and return to us the enclosed
duplicate hereof, whereupon this letter and your acceptance shall
represent a binding agreement among the Company and the several
Underwriters.
Very truly yours,
BANK OF AMERICA CORPORATION
By:/s/ JOHN E. MACK
Name: John E. Mack
Title: Senior Vice President
The foregoing Agreement is
hereby confirmed and accepted
as of the date specified in
Schedule I hereto.
By: BANC OF AMERICA SECURITIES LLC
By: /s/ MICHAEL WHEELER
Name: Michael Wheeler
Title: Managing Director
For themselves and the other
several Underwriters, if any,
named in Schedule II to the
foregoing Agreement.
SCHEDULE I
Underwriting Agreement dated February 8, 2000
Registration Statement No. 333-51367
Representatives: Banc of America Securities LLC
Bear, Stearns & Co. Inc.
Goldman Sachs & Co.
Lehman Brothers Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
Salomon Smith Barney Inc.
Ormes Capital Markets, Inc.
Utendahl Capital Partners, L.P.
The Williams Capital Group, L.P.
Address of Representatives: c/o Banc of America Securities LLC
100 North Tryon Street, 7th Floor
Charlotte, North Carolina 28255
Attention: Michael Wheeler, Managing Director
Title, Purchase Price and Description of Securities:
Title: 7.80% Subordinated Notes, due 2010
Principal amount: $1,000,000,000
Purchase price (include type of funds and accrued interest
or amortization, if applicable): 99.233%; in federal (same day)
funds or wire transfer to an account previously designated to the
Representatives by the Company or, if agreed to by the
Representatives and the Company, by certified or official bank
check or checks.
Sinking fund provisions: none
Redemption provisions: none
Other provisions: none
Closing Date, Time and Location: February 14, 2000, 9:00 A.M.
New York City time, office of Stroock & Stroock & Lavan LLP
Listing: none
Delayed Delivery Arrangements: none
Additional items to be covered by the letter from
PricewaterhouseCoopers LLP delivered pursuant
to Section 5(e) at the time this Agreement is executed:
SCHEDULE II
Principal Amount
of Securities to
Underwriters be Purchased
Banc of America Securities LLC $812,500,000
Bear, Stearns & Co. Inc. 25,000,000
Goldman Sachs & Co. 25,000,000
Lehman Brothers Inc. 25,000,000
Merrill Lynch, Pierce, Fenner & Smith Incorporated
25,000,000
Morgan Stanley & Co. Incorporated 25,000,000
Salomon Smith Barney Inc. 25,000,000
Ormes Capital Markets, Inc. 12,500,000
Utendahl Capital Partners, L.P. 12,500,000
The Williams Capital Group, L.P. 12,500,000
TOTAL $1,000,000,000
SCHEDULE III
Delayed Delivery Contract
[Date]
[Insert name and address
of lead Representative]
Dear Sirs:
The undersigned hereby agrees to purchase from Bank of
America Corporation (the "Company"), and the Company agrees to
sell to the undersigned, on , 20 , (the
"Delivery Date"), $ principal amount
of the Company's (the "Securities")
offered by the Company's Final Prospectus dated , 20 ,
receipt of a copy of which is hereby acknowledged, at a purchase
price of % of the principal amount thereof, plus accrued
interest, if any, thereon from , 20 , to the
date of payment and delivery, and on the further terms and
conditions set forth in this contract.
Payment for the Securities to be purchased by the
undersigned shall be made on or before 11:00 A.M. on the Delivery
Date to or upon the order of the Company in New York Clearing
House (next day) funds, at your office or at such other place as
shall be agreed between the Company and the undersigned upon
delivery to the undersigned of the Securities in definitive fully
registered form and in such authorized denominations and
registered in such names as the undersigned may request by
written or telegraphic communication addressed to the Company not
less than five full business days prior to the Delivery Date. If
no request is received, the Securities will be registered in the
name of the undersigned and issued in a denomination equal to the
aggregate principal amount of Securities to be purchased by the
undersigned on the Delivery Date.
The obligation of the undersigned to take delivery of and
make payment for Securities on the Delivery Date, and the
obligation of the Company to sell and deliver Securities on the
Delivery Date, shall be subject to the conditions (and neither
party shall incur any liability by reason of the failure thereof)
that (1) the purchase of Securities to be made by the
undersigned, which purchase the undersigned represents is not
prohibited on the date hereof, shall not on the Delivery Date be
prohibited under the laws of the jurisdiction to which the
undersigned is subject, and (2) the Company, on or before the
Delivery Date, shall have sold to certain underwriters (the
"Underwriters") such principal amount of the Securities as is to
be sold to them pursuant to the Underwriting Agreement referred
to in the Final Prospectus mentioned above. Promptly after
completion of such sale to the Underwriters, the Company will
mail or deliver to the undersigned at its address set forth below
notice to such effect, accompanied by a copy of the opinion of
counsel for the Company delivered to the Underwriters in
connection therewith. The obligation of the undersigned to take
delivery of and make payment for the Securities, and the
obligation of the Company to cause the Securities to be sold and
delivered, shall not be affected by the failure of any purchaser
to take delivery of and make payment for the Securities pursuant
to other contracts similar to this contract.
This contract will inure to the benefit of and be binding
upon the parties hereto and their respective successors, but will
not be assignable by either party hereto without the written
consent of the other.
It is understood that acceptance of this contract and other
similar contracts is in the Company's sole discretion and,
without limiting the foregoing, need not be on the first come,
first served basis. If this contract is acceptable to the
Company, it is required that the Company sign the form of
acceptance below and mail or deliver one of the counterparts
hereof to the undersigned at its address set forth below. This
will become a binding contract between the Company and the
undersigned, as of the date first above written, when such
counterpart is so mailed or delivered.
This agreement shall be governed by and construed in
accordance with the internal laws of the State of New York,
without giving effect to principles of conflict of laws.
Very truly yours,
_____________________________
(Name of Purchaser)
By:____________________________
(Signature and Title of
Officer)
________________________________
(Address)
Accepted:
BANK OF AMERICA CORPORATION
By:____________________________
(Authorized Signature)
THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS SECURITY IS NOT
EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER
THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS
NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE
DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE
DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.
Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation
("DTC"), to the issuer or its agent for registration of
transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or such other name as requested
by an authorized representative of DTC (and any payment
is made to Cede & Co. or such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.
THIS NOTE IS NOT A SAVINGS ACCOUNT OR A DEPOSIT AND IS NOT AN
OBLIGATION OF OR GUARANTEED BY ANY BANKING OR NONBANKING
AFFILIATE OF BANK OF AMERICA CORPORATION AND IS NOT INSURED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.
REGISTERED $_______________________
NUMBER R-__
Common Code No. _______________ CUSIP 060505 ___
ISIN US __________________
SEE REVERSE FOR CERTAIN DEFINITIONS
AND ADDITIONAL PROVISIONS
BANK OF AMERICA CORPORATION
7.80% SUBORDINATED NOTE, DUE 2010
BANK OF AMERICA CORPORATION, a corporation duly organized and
existing under the laws of the State of Delaware (herein called the
"Corporation," which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value
received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of $_________________on February 15, 2010
and to pay interest on said principal sum, semi-annually in arrears on
February 15 and August 15 of each year commencing August 15, 2000,
at the rate of 7.80% per annum, from the February 15 or August
15, as the case may be, next preceding the date of this Note to which
interest has been paid, unless the date hereof is a date
to which interest has been paid, in which case from the date of
this Note, or unless no interest has been paid on the Notes, in which
case from February 14, 2000, until payment of such principal sum has
been made or duly provided for. Notwithstanding the foregoing, if the date
hereof is after a record date for the Notes (which shall be the
close of business on the last day of the calendar month next preceding an
interest payment date) and before the next succeeding
interest payment date, this Note shall bear interest from such
interest payment date; provided, however, that if the Corporation shall
default in the payment of interest due on such interest
payment date, then this Note shall bear interest from the next
preceding interest payment date to which interest has been paid, or, if
no interest has been paid on the Notes, from February 14, 2000. The
interest so payable, and punctually paid or duly provided for, on any
interest payment date will, as provided in such Indenture, be paid to the
person in whose name this Note (or one or more predecessor Notes evidencing
all or a portion of the same debt as this Note) is registered at the
close of business on the record date for such interest payment date.
The principal of and interest on this Note are payable in
such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and
private debts, at the office or agency of the Corporation in New
York, New York or such other places that the Corporation shall designate
as provided in such Indenture; provided, however, that interest may be
paid, at the option of the Corporation, by check mailed to the person
entitled thereto at his address last appearing on the Security
Register of the Corporation relating to the Notes. Any interest not
punctually paid or duly provided for shall be payable as provided in
such Indenture.
Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though
fully set forth at this place.
Unless the certificate of authentication hereon has been duly
executed by or on behalf of the Trustee or an authenticating agent on
behalf of the Trustee by manual signature, this Note shall not be entitled
to any benefit under such Indenture, or be valid or obligatory for any
purpose.
IN WITNESS WHEREOF, the Corporation has caused this
instrument to be duly executed by manual or facsimile signature under
its corporate seal or a facsimile thereof.
BANK OF AMERICA CORPORATION
Attest:
By: /S/ JOHN E. MACK
/S/ ALLISON GILLIAM Title: Senior Vice President
Assistant Secretary
[CORPORATE SEAL]
CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.
Dated: February __, 2000.
THE BANK OF NEW YORK,
as Trustee,
By:
Authorized Signatory
[Reverse Side of Note]
BANK OF AMERICA CORPORATION
7.80% SUBORDINATED NOTE, DUE 2010
This Note is one of a duly authorized series of Securities of
the Corporation unlimited in aggregate principal amount issued and to
be issued under an Indenture dated as of January 1,
1995 as amended by First Supplemental Indenture dated as of
August 28, 1998 (herein called the "Indenture"), between the
Corporation and The Bank of New York, as Trustee (herein
called the "Trustee," which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of
the respective rights thereunder of the Corporation, the Trustee
and the holders of the Notes, and the terms upon which the Notes are,
and are to be, authenticated and delivered. This Note
is also one of the Notes designated as the Corporation's 7.80%
Subordinated Notes, due 2010 (herein called the "Notes"), initially
limited in aggregate principal amount to $1,000,000,000.
The Trustee shall initially act as Security Registrar,
Authenticating and Paying Agent in connection with the Notes.
THE INDEBTEDNESS OF THE CORPORATION EVIDENCED BY THE NOTES,
INCLUDING THE PRINCIPAL THEREOF AND INTEREST THEREON, IS, TO THE
EXTENT AND IN THE MANNER SET FORTH IN THE INDENTURE, SUBORDINATE
AND JUNIOR IN RIGHT OF PAYMENT TO ITS OBLIGATIONS TO HOLDERS OF
SENIOR INDEBTEDNESS, AS DEFINED IN THE INDENTURE, AND EACH HOLDER
OF THE NOTES, BY THE ACCEPTANCE THEREOF, AGREES TO AND SHALL BE
BOUND BY SUCH PROVISIONS OF THE INDENTURE.
The Corporation shall pay as additional interest on this Note
such additional amounts ("Additional Amounts") as may be necessary in
order that the net payment by the Corporation of the principal of and
interest on this Note to a holder who is a Non-United States Person, after
deduction for any present or future tax, assessment or governmental
charge of the United States, or a political subdivision or authority
thereof or therein, imposed by withholding with respect to
the payment, will not be less than the amount provided for in
this Note to be then due and payable; provided, however, that the
foregoing obligation to pay Additional Amounts shall not apply to:
(i) any tax, assessment or other governmental charge which
would not have been so imposed but for:
(a) the existence of any present or former connection
between such holder (or between a fiduciary, settlor, beneficiary,
member orstockholder of, or a person holding a power over, such holder,
if such holder is an estate, trust, partnership or corporation) and
the United States, including, without limitation, such holder
(or such fiduciary, settlor, beneficiary, member, stockholder or
person holding a power) being or having been a
citizen or resident or treated as a resident thereof or being
or having been engaged in atrade or business therein or being or
having been present therein or having or having had a
permanent establishment therein;
(b) such holder's present or former status as a personal
holding company, foreign personal holding company, passive
foreign investment company, private foundation or
other tax-exempt entity or controlled foreign corporation for
United States tax purposes or a corporation which accumulates
earnings to avoid United States federal income tax; or
(c) such holder's status as a bank extending credit
pursuant to a loan agreement entered into in the ordinary
course of business;
(ii) any tax, assessment or governmental charge that would
not have been imposed or withheld but for the failure of the holder
to comply with certification, identification or information reporting
requirements under United States income tax laws, without regard to any
tax treaty, with respect to the payment, concerning the nationality,
residence, identity or connection with the United States of the holder
or a beneficial owner of this Note, if such compliance is required by
United States income tax laws, without regard to any tax treaty, as a
precondition to relief or exemption from such tax, assessment or
governmental charge;
(iii) any tax, assessment or governmental charge that would
not have been so imposed or withheld but for the presentation by the
holder of this Note for payment on a date more than 30 days after the
date on which such payment became due and payable or the date on which
payment thereof is duly provided for, whichever occurs later;
(iv) any estate, inheritance, gift, sales, transfer,
excise, wealth or personal property tax or any similar tax, assessment
or governmental charge;
(v) any tax, assessment or governmental charge which is
payable otherwise than by withholding by the Corporation or the Trustee
from the payment of the principal of or interest on this Note;
(vi) any tax, assessment or governmental charge required
to be withheld from such payment of principal of or interest on this
Note, if such payment can be made without such withholding or any
liability on the part of the Corporation;
(vii) any tax, assessment or other governmental charge
imposed on interest received by a person holding, actually or
constructively, 10% or more of the total combined voting power of all
classes of stock of the Corporation entitled to vote; or
(viii) any combination of items (i), (ii), (iii), (iv), (v),
(vi) or (vii);
nor shall Additional Amounts be paid with respect to any payment
of the principal of or interest on this Note to a person other than
the sole beneficial owner of such payment or that is a
partnership or fiduciary to the extent such beneficial owner,
member of such partnership or beneficiary or settlor with respect to
such fiduciary would not have been entitled to the payment
of Additional Amounts had such beneficial owner, member, beneficiary or
settlor held its interest in this Note directly.
The Notes of this series are not subject to redemption at the
option of the Corporation or repayment at the option of the holder
prior to maturity.
As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note may be registered on the
Security Register of the Corporation relating to
the Notes, upon surrender of this Note for registration of
transfer at the office or agency of the Corporation designated by
it pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the
Corporation and the Trustee or the Security Registrar duly executed by,
the registered holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes, of
authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.
The Notes are issuable only as registered Notes without
coupons in the denominations of $1,000 and integral multiples thereof.
As provided in the Indenture, and subject to certain
limitations therein set forth, Notes are exchangeable for a like
aggregate principal amount of Notes of different authorized denominations,
as requested by the holder surrendering the same.
If any interest payment date or maturity date for a Note
falls on a day that is not a Business Day, the interest payment date
or maturity date will be the following day that is a
Business Day and the payment of interest or principal will be
made on the next Business Day as if it were made on the date such
payment was due and no additional interest will accrue on
the amount so payable for the period from and after such interest
payment date or maturity date.
No service charge will be made for any such registration of
transfer or exchange, but the Corporation may require payment of a
sum sufficient to cover any tax or other governmental charge payable
in connection therewith.
Prior to due presentment for registration of transfer of this
Note, the Corporation, the Trustee and any agent of the Corporation
or the Trustee may treat the person in whose name
this Note is registered as the absolute owner hereof for the
purpose of receiving payment as herein provided and for all other
purposes, whether or not this Note be overdue, and neither
the Corporation, the Trustee nor any such agent shall be affected
by notice to the contrary.
If an Event of Default (defined in the Indenture as certain
events involving the bankruptcy of the Corporation) shall occur with
respect to the Notes, the principal of all the Notes may be declared
due and payable in the manner and with the effect provided in the
Indenture. THERE IS NO RIGHT OF ACCELERATION PROVIDED IN THE
INDENTURE IN CASE OF A DEFAULT IN THE PAYMENT OF INTEREST OR THE
PERFORMANCE OF ANY OTHER COVENANT BY THE CORPORATION.
The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Corporation and the rights of
the holders of the Notes under the Indenture at any time by the
Corporation with the consent of the holders of not less than 66-2/3%
in aggregate principal amount of the Notes then outstanding and all
other Securities then outstanding issued under the Indenture and affected
by such amendment and modification. The Indenture also contains
provisions permitting the holders of a majority in aggregate principal
amount of the Notes then outstanding and all other Securities then
outstanding issued under the Indenture and affected thereby, on behalf of the
holders of all such Securities, to waive compliance by the Corporation
with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
holder of this Note shall be conclusive and binding upon such
holder and upon all future holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note.
No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the
Corporation, which is absolute and unconditional, to
pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.
No recourse shall be had for the payment of the principal of
or the interest on this Note, or for any claim based hereon, or otherwise
in respect hereof, or based on or in respect of the Indenture or any
indenture supplemental thereto, against any incorporator, stockholder,
officer or director, as such, past, present or future, of the Corporation
or any predecessor or successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise, all such
liability being, by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived and released.
The Notes of this series shall be dated the date of their
authentication.
All terms used in this Note which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.
The Notes are being issued by means of a book-entry system
with no physical distribution of certificates to be made except as
provided in the Indenture. The book-entry system maintained by The
Depository Trust Company ("DTC") will evidence ownership of the
Notes, with transfers of ownership effected on the records of DTC
and its participants pursuant to rules and procedures established by
DTC and its participants. The Corporation will recognize Cede & Co.,
as nominee of DTC, while the registered owner of the Notes, as the
owner of the Notes for all purposes, including payment of principal and
interest, notices and voting. Transfer of principal and interest to
participants of DTC will be the responsibility of DTC, and transfer of
principal and interest to beneficial owners of the Notes by participants of
DTC will be the responsibility of such participants and other
nominees of such beneficial owners. So long as the book-entry system
is in effect, the selection of any Notes to be redeemed will be determined
by DTC pursuant to rules and procedures established by DTC
and its participants. The Corporation will not be responsible or
liable for such transfers or payments or for maintaining, supervising or
reviewing the records maintained by DTC, its participants or persons
acting through such participants.
Transfers of Notes in Europe may be effected through the
facilities of Cedel Bank, societe anonyme, and Morgan Guaranty Trust
Company of New York, Brussels office, as operator of the Euroclear
System, in accordance with rules and procedures established by those
depositories.
______________________
The following abbreviations, when used in the inscription on
the face of the within Note, shall be construed as though they were
written out in full according to applicable laws or regulations:
TEN COM as tenants in common
TEN ENT as tenants by the entireties
JT TEN as joint tenants with right of survivorship and not
as tenants in common
UNIF GIFT MIN ACT _________ Custodian _________
(Cust) (Minor)
under Uniform Gifts to Minors
Act __________ (State)
Additional abbreviations may also be used though not in the above
list.
__________
FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE
________________________________________________________________
________________________________________________________________
(Name and Address of Assignee, including zip code, must be
printed or typewritten.)
________________________________________________ the within
Note, and all rights thereunder, hereby irrevocably constituting
and appointing
_________________________________________________ Attorney
to transfer said Note on the books of the Corporation, with full
power of substitution in the
premises.
Dated: ____________________________
NOTICE: The signature to this assignment must correspond
with the name as it appears upon the face of the within Note in
every particular, without alteration or enlargement or any
change whatever and must be guaranteed.
February 14, 2000
Bank of America Corporation
Bank of America Corporate Center
Charlotte, North Carolina 28255-0065
Re: Public Offering of $1,000,000,000 Aggregate Principal
Amount of 7.80% Subordinated Notes, due 2010
Ladies and Gentlemen:
We have acted as counsel to Bank of America Corporation, a
Delaware corporation (the "Corporation"), in connection with (i)
the issuance of $1,000,000,000 in aggregate principal amount of
its 7.80% Subordinated Notes, due 2010 (the "Notes") and (ii) the
Registration Statement on Form S-3, Registration No. 333-51367
(the "Registration Statement"), filed with the Securities and
Exchange Commission (the "Commission") under the Securities Act
of 1933, as amended (the "Act"), with respect to $10,000,000,000
aggregate principal amount of the Corporation's unsecured debt
securities, units, warrants, shares of its preferred stock and
shares of its common stock and the Prospectus dated May 21, 1998
constituting a part thereof, as supplemented by the Prospectus
Supplement dated February 8, 2000 filed with the Commission
pursuant to Rule 424(b) under the Act, relating to the Notes.
As such counsel, we have examined and are familiar with such
original or photocopies or certified copies of such records of
the Corporation and its subsidiaries, certificates of officers of
the Corporation and of public officials and such other documents
as we have deemed relevant or necessary as the basis for the
opinion set forth below. In such examinations, we have assumed
the legal capacity of natural persons, the genuineness of all
signatures on, and the authenticity of, all documents submitted
to us as originals and the conformity to original documents of
all documents submitted to us as certified copies or photocopies
and the authenticity of the originals of such copies. We have
also relied upon statements of fact contained in documents that
we have examined in connection with our representation of the
Corporation.
Based solely upon the foregoing, and in reliance thereon,
and subject to the limitations, qualifications and exceptions set
forth below, we are of the opinion that the Notes, when executed,
issued and delivered by the Corporation to The Bank of New York
for authentication in accordance with the Indenture dated as of
January 1, 1995 between the Corporation and The Bank of New York,
as trustee (the "Indenture"), authenticated and delivered by The
Bank of New York, as issuing and paying agent, in accordance with
the Indenture and paid for, all as contemplated in the Board
Resolution or Company Order (as each is defined in the
Indenture), will have been validly authorized and issued under
the Indenture and will constitute valid and legally binding
obligations of the Corporation.
In rendering this opinion, we are not expressing an opinion
as to the laws of any jurisdiction other than the laws of the
State of North Carolina and the United States of America and the
Delaware General Corporation Law, and we assume no responsibility
as to the applicability of the laws of any other jurisdiction.
We hereby consent to be named in the Registration Statement
as attorneys who passed upon the legality of the Notes and to the
filing of a copy of this opinion as part of the Corporation's
Current Report on Form 8-K to be filed for the purpose of
including this opinion as part of the Registration Statement.
Very truly yours,
/S/ SMITH HELMS MULLISS & MOORE, L.L.P.
RESOLUTIONS OF
THE BOARD OF DIRECTORS OF
BANK OF AMERICA CORPORATION
February 8, 2000
WHEREAS, the Board of Directors (the "Board") of Bank of
America Corporation (the "Corporation") previously has authorized
and approved the issuance and sale for cash, at any
time or from time to time, of (i) its unsecured debt securities
(the "Debt Securities"), (ii) shares of its preferred stock, including
depositary shares (the "Preferred Stock"), and (iii) shares of its
Common Stock (the "Common Stock"), (iv) warrants ("Warrants"),
and (v) units ("Units") in one or more public offerings,
$10,000,000,000 of which securities have been registered with the
Securities and Exchange Commission (the "Commission") pursuant to
the Corporation's registration statement on Form S-3, Registration
No. 333-51367, as amended (the "May 1998 Shelf");
WHEREAS, the Corporation has issued and sold pursuant to the
May 1998 Shelf $3,450,000 of its Debt Securities in underwritten public
offerings and has presently reserved up to $5,000,000,000 of Debt
Securities for a medium-term note program, leaving an additional
$1,550,000,000 in aggregate principal amount of Debt Securities,
Preferred Stock, Common Stock, Warrants and Units that may be issued
and sold under the May 1998 Shelf; and
WHEREAS, by resolutions adopted by the Board of the
Corporation at a meeting duly called and held on April 22, 1998,
this Committee was appointed by the Board (the
"Committee") with full authority to take action in connection
with the issuance of the Corporation's Debt Securities (either senior
or subordinated and including medium-term notes),
and Preferred Stock, Common Stock, Warrants and Units, including
those securities registered by the May 1998 Shelf, (collectively,
the "Securities") to be offered at the times and on terms to be
determined by the Committee; and
WHEREAS, no stop order suspending the effectiveness of the
above described Registration Statement has been received by the
Corporation and no proceedings for that purpose have been instituted
or threatened against the Corporation; and
WHEREAS, the Committee has determined that issuing a series
of its subordinated notes, initially in the aggregate principal amount
of $1,000,000,000, is advisable and in the Corporation's best interests;
AUTHORIZATION OF SUBORDINATED NOTES
NOW, THEREFORE, BE IT RESOLVED, that pursuant to the
resolutions adopted by the Board on April 22, 1998, and the terms
and provisions of the Indenture between the Corporation
and The Bank of New York, as trustee (the "Trustee"), dated as of
January 1, 1995, as amended by First Supplemental Indenture dated
as of August 28, 1998 (the "Indenture "), the Corporation
shall issue a series of its subordinated unsecured indebtedness
initially consisting of $1,000,000,000 in aggregate principal amount
of its 7.80% Subordinated Notes, due 2010, which
series of subordinated notes shall be designated "7.80%
Subordinated Notes, due 2010" (the "Notes"), and which shall be subject
to the terms and entitled to the benefits of the Indenture;
RESOLVED FURTHER, that the amount of this series of Notes shall
be initially limited to $1,000,000,000 (the "Initial Series"), but may
be increased upon delivery of a Supplemental Officers Certificate
setting forth the terms of such additional amount;
RESOLVED FURTHER, that the Notes shall bear interest at the
rate of 7.80% per annum, which interest shall accrue from February 14, 2000,
and be payable semiannually on February 15 and August 15, commencing
August 15, 2000; and the record date for the interest payable shall be
the close of business on the last day of the calendar month next preceding
each interest payment date;
RESOLVED FURTHER, that the maturity date of the Notes shall be
February 15, 2010;
RESOLVED FURTHER, that, with respect to the Notes, a "Business
Day" shall mean any day, other than a Saturday or Sunday or a legal
holiday in New York, New York or Charlotte, North Carolina, that is
not a day on which banking institutions in New York, New York, or
Charlotte, North Carolina are authorized or required by law or
regulation to be closed;
RESOLVED FURTHER, that the Initial Series of Notes shall be
sold to Banc of America Securities LLC and the other Underwriters
(as named in the Underwriting Agreement hereinafter described) (the
"Underwriters"), pursuant to the terms of the Underwriting Agreement,
who the Committee understands will reoffer the Notes for sale in a public
offering;
RESOLVED FURTHER, that the Notes shall not be eligible for redemption
or entitled to any sinking fund and shall not be subject to the provisions
of Section 14.02 and 14.03 of the Indenture;
RESOLVED FURTHER, that the Initial Series of Notes shall be
sold to the Underwriters on February 8, 2000, at a price of 99.233% of
the principal amount, and that the Initial Series of
Notes shall be initially offered to the public at a price of
99.733% of the principal amount;
RESOLVED FURTHER, that the Committee was advised by the
Underwriters that they will initially offer the Initial Series of
Notes to certain dealers at the initial public offering price,
less a concession not in excess of 0.30% of the principal amount
of the Notes, and that the Underwriters may allow, and such dealers
may reallow, a concession not in excess of 0.25% of
such principal amount on sales to other dealers;
RESOLVED FURTHER, that the Notes shall be issued as Registered
Securities (as defined in the Indenture) initially in book-entry only form,
represented by one or more global notes registered in the name of The
Depository Trust Company, or its nominee, and eligible to
trade through the facilities of Cedel Bank, societe anonyme, and
Morgan Guaranty Trust Company of New York, Brussels office, as
operator of the Euroclear System, in the manner
requested by the Representatives (as defined in the Underwriting
Agreement), in denominations of $1,000 or integral multiples thereof,
and shall be dated the date of authentication and delivery
of the Initial Series of Notes, which date shall occur on or
about February 14, 2000 and the form of registered note presented
to this Committee and attached to the minutes hereof as Exhibit A,
together with such modifications as are appropriate to reflect
the determinations of the Committee, is hereby in all respects approved;
RESOLVED FURTHER, that the Notes shall be executed in the name
of and on behalf of the Corporation by the Chief Executive Officer,
or any Senior or other Vice President, the corporate seal thereon shall
be attested by the Secretary or any Assistant Secretary, and the
signatures of the Chief Executive Officer, any Senior or other
Vice President, the Secretary and any Assistant Secretary may be
in the form of facsimile signatures of the present or any future
Chief Executive Officer, Senior or other Vice President, Secretary
or Assistant Secretary, and should any officer of the Corporation who
signs, or whose facsimile signature appears upon, any
of the Notes, cease to be such an officer prior to the issuance
of such Notes, the Notes so signed or bearing such facsimile signature
shall, nevertheless, be valid, and, without prejudice to the use
of the facsimile signatures of any other officer as hereinbefore
authorized, the facsimile signatures of Hugh L. McColl, Jr.,
Chairman and Chief Executive Officer of the Corporation,
John E. Mack, Senior Vice President of the Corporation, James W.
Kiser, Secretary of the Corporation, and Allison Gilliam, Assistant
Secretary of the Corporation, are hereby expressly approved and accepted;
RESOLVED FURTHER, that pursuant to the provisions of the
Indenture, the Chairman and Chief Executive Officer, the Chief
Financial Officer, any Senior Vice President or any Associate General
Counsel of the Corporation (each, an "Authorized Officer") be, and each of
them is, hereby authorized and empowered to cause the Notes, upon
execution thereof, to be delivered to the Trustee under the Indenture,
or to any agent designated by the Trustee, for authentication and
delivery by it and to deliver to said Trustee or agent thereof, as
the case may be, the written order of the corporation for the
authentication and delivery of the Notes and to
negotiate, execute and deliver any and all agreements and other
documents and certificates necessary in connection with the issuance,
sale and delivery of the Notes;
RESOLVED FURTHER, that, unless and until otherwise determined
by an Authorized Officer, The Bank of New York, as Trustee, shall
act as the agent for the Corporation for the registration, transfer,
exchange and payment of the Notes (the "Paying Agent"), and as
authenticating agent, and that the offices of the Trustee located
at 101 Barclay Street, New York, New York, hereby is designated,
pursuant to the provisions of the Indenture, as the office or
agency of the Corporation where the Notes may be presented for
registration, transfer, exchange and payment, and the proper officers
of the Corporation are hereby authorized and empowered to
execute and deliver any documents required by the Trustee under
the Indenture in connection with such duties;
RESOLVED FURTHER, that any Authorized Officer is hereby
authorized and empowered to execute and deliver, and this Committee hereby
approves, the underwriting agreement (the "Underwriting Agreement"),
dated as of February 8, 2000, among the Corporation
and the Representatives (as defined therein), in the form
presented to the Committee and attached to the minutes hereof as
Exhibit B, relating, among other things, to the sale of the Initial Series of
Notes, and to the indemnification of and contribution to the
Underwriters, and such Underwriting Agreement shall be, and it
hereby is, in all respects authorized and approved, the execution
thereof being conclusive evidence of such approval;
RESOLVED FURTHER, that any Authorized Officer is hereby
authorized and empowered to take all steps deemed necessary by such
officer to issue and sell the Initial Series and to increase the amount
of issued and outstanding Notes of this series up to the maximum
authorized hereunder, such actions to include delivery of appropriate
Officers Certificates and Company Orders; the execution and delivery
of additional Notes; the selection of one or more underwriters and
the negotiation, execution and delivery of an appropriate Underwriting
Agreement; the preparation of necessary amendments or supplements
to the Prospectus Supplement for the Notes; and the execution and
delivery of necessary closing documents; and
RESOLVED FURTHER, that the officers of the Corporation be, and
they hereby are, authorized and directed to do any and all things
necessary, appropriate or convenient to carry into effect the foregoing
resolutions.
BANK OF AMERICA
(logo)
NEWS RELEASE
FOR IMMEDIATE RELEASE
February 8,2000
Contact: Sharon Tucker 1.415.622.2775
BANK OF AMERICA OFFERS $1 BILLION
IN 10-YEAR SUBORDINATED GLOBAL NOTES
CHARLOTTE, NC, February 8, 2000--Bank of America Corporation has
priced a global offering of $1 billion in fixed-rate subordinated
notes for sale in the United States and abroad.
The 10-year noncallable subordinated notes have a coupon interest
rate of 7.80% per annum payable semiannually on February 15 and
August 15, beginning August 15, 2000. The notes mature on
February 15, 2010. Closing is scheduled for February 14, 2000.
The notes qualify as Tier 2 capital under the Federal Reserve
Board's capital guidelines.
The offering will be sold through underwriters led by Banc of
America Securities LLC and including Bear, Stearns & Co. Inc.;
Goldman, Sachs & Col; Lehman Brothers; Merrill Lynch & Co.;
Morgan Stanley Dean Witter; Salomon Smith Barney,; Ormes Capital
Markets, Inc.; Utendahl Capital partners, L.P.; and The Williams
Capital Group, L.P.
The debt issue is part of a shelf registration for corporate debt
securities and preferred and common stock previously declared
effective by the Securities and Exchange Commission. Application
has been made to list the notes on the Luxembourg Stock Exchange.
Proceeds from the debt issue will be used for general corporate
purposes.
Bank of America, with $633 billion in assets, is the largest bank
in the United States. The company serves more than 30 million
households and 2 million businesses across the country, offering
customers the largest and most convenient delivery network from
offices and automated teller machines to telephone and Internet
access. It also provides comprehensive international corporate
financial services for clients doing business around the world.
The company creates financial relationships featuring a wide
array of financial services, from traditional banking products to
investments and capital raising within the securities markets.
Bank of America stock (ticker: BAC) is listed on the New York,
Pacific and London stock exchanges, and certain shares are listed
on the Tokyo Stock Exchange. Further investor information can be
found at www.bankofamerica.com/investor.
www.bankofamerica.com
