BANKAMERICA CORP
424B2, 1994-08-26
NATIONAL COMMERCIAL BANKS
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<PAGE>
 
                                                            Rule 424(b)(2) 
                                                            File No. 33-54385 

PRICING SUPPLEMENT NO. 1
DATED AUGUST 24, 1994                                        
(To Prospectus Supplement dated
August 22, 1994, including the
Prospectus dated August 22, 1994)


                            BANKAMERICA CORPORATION

                      SENIOR MEDIUM-TERM NOTES, SERIES I
 
                                   ---------
<TABLE> 
<S>                                        <C> 
      Floating Rate Notes [x]                % Fixed Rate Notes [_]            
                                                                               
      Book Entry Notes    [x]              Certificated Notes   [_]           

Original Issue Date: August 31, 1994       Stated Maturity: September 2, 1997
    
                                           Extended            Notice of        
                                           Maturity            Extension   
                                            Date(s)             Date(s)    
                                           --------            ---------   
                                             N/A                  N/A      
                                                                             
Redemption            Redemption           Specified             
 Date(s)               Price(s)            Currency:           U.S. Dollars
 -------               --------            Authorized                          
On any Interest          100%              Denominations                      
Payment Date on or                         (Only applicable if                
after 3/20/96                              Specified Currency               
                                           is other than                    
                                           U.S. Dollars):      N/A         
Repayment             Repayment    
 Date(s)               Price(s)              
- ---------             ---------            Interest Payment                  
   N/A                   N/A               Period:             3 months
                                           Interest Payment                   
                                           Dates:              See Exhibit A
    
                                           Total Amount of               
                                           OID:                N/A             
                                           Yield to Maturity:  N/A            
                                           Initial Accrual
                                           Period OID and
                                           Designated Method:  N/A
                    
Only applicable to Floating Rate Notes: 
- ---------------------------------------
Initial
Interest Rate:  To be calculated           Interest Reset                   
                as if 8/31/94 were         Period:             3 months
                an Interest Reset          Interest Reset      
                Date                       Dates:              See Exhibit B


Index Maturity: 3 months


Base Rate:                                 Spread (plus or                    
                                           minus):             +.10%      
[_]  CD Rate                               Spread Multiplier:  N/A 
           
[_]  Commercial  Paper Rate                Maximum Interest                   
                                           Rate:               N/A             
[_]  Federal Funds Rate                    Minimum Interest                   
                                           Rate:               N/A
[X]  LIBOR

     Designated LIBOR Page (only
     applicable if Designated LIBOR
     Page is other than Telerate
     Screen Page 3750): N/A

[_]  Treasury Rate

[_]  CMT Rate 

     Designated CMT
     Telerate Page:  N/A

[_]  Prime Rate
</TABLE> 

                            ----------------------
                         (Continued on the next page)



<PAGE>
 
<TABLE> 
<CAPTION> 
Exhibit A Interest Payment Dates*:      Exhibit B Interest Reset Dates*:
- ---------                               ---------
<S>        <C>       <C>                <C>         <C>       <C> 
12/21/94   3/15/95   3/19/97            12/21/94    3/15/95   3/19/97
           6/21/95   6/18/97                        6/21/95   6/18/97
           9/20/95   9/02/97                        9/20/95 
          12/20/95                                 12/20/95
           3/20/96                                  3/20/96
           6/19/96                                  6/19/96
           9/18/96                                  9/18/96
          12/18/96                                 12/18/96
</TABLE> 

* In each case, subject to adjustment as described in the accompanying 
  Prospectus Supplement in the event such date is not a Business Day (as 
  defined in such Prospectus Supplement).

<TABLE> 
<S>                                      <C> 
Trade Date:    August 24, 1994           Agent's Commission:      $17,000
Name of Agent: Bank of America           Proceeds to Corporation: $24,983,000
               National Trust and
               Savings Association

                                         [_] Agent is purchasing Notes from    
                                             the Corporation at     % of their
                                             principal amount as principal for 
[X] Agent is acting as agent for             resale to investors and other     
    the sale of Notes by the                 purchasers at:
    Corporation at a price to                                                  
    public of:                           [_] a fixed initial public offering   
                                             price of 100% of the principal    
[X] 100% of the principal amount             amount.                           
                                                                      
[_]    % of the principal amount         [_] a fixed initial public offering   
                                             price of   % of the principal     
                                             amount.                           
                                                                               
                                         [_] varying prices relating to        
                                             prevailing market prices at time  
                                             of resale to be determined by     
                                             Agent.                            
</TABLE> 



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