As expected, Bank of America Corp. has increased the principal amount of new notes issuable in its ongoing exchange offers — up to $12.00 billion in notes, from the initial $4.00 billion.
BofA had offered to exchange existing senior notes for new fixed/floating rate senior notes. The amount of existing notes tendered by Dec. 15, however, has already exceeded the maximum amount of new notes. Acceptance will therefore be subject to proration.
The exchange offers expire at 11:59 p.m. ET on Jan. 4, 2018. Due to the oversubscription, BofA does not expect to accept any more notes tendered.
