Bank of America Announces Completion of Cash Tender Offer for MBIA Notes
CHARLOTTE, N.C. -- December 13, 2012
Bank of America Corporation (“Bank of America”) announced today that it has
completed its previously announced offer to purchase for cash (the“Tender
Offer”) any and all of the outstanding 5.70% Senior Notes due 2034 (the
“Notes”) which were issued by MBIA Inc., a Connecticut corporation (“MBIA”),
under an indenture dated November 24, 2004 (the “Indenture”).
Bank of America said that, as of the expiration of the Tender Offer, it
received tenders from holders of approximately $136 million in aggregate
principal amount of the Notes and that Blue Ridge Investments, L.L.C. (“Blue
Ridge”), a wholly owned subsidiary of Bank of America, has accepted for
purchase and paid for all such tendered Notes.
Bank of America also announced that, in a letter to MBIA and the trustee for
the Notes, Blue Ridge has issued a notice of default under the Indenture
caused by MBIA’s violation of its covenants under the Indenture through, among
other things, the purported adoption of a proposed amendment in violation of
the terms of the Indenture.
This news release shall not constitute a solicitation to buy or an offer to
purchase any securities. The Tender Offer was made solely pursuant to, and in
accordance with the terms and conditions specified in, the Offer to Purchase
and the related Letter of Transmittal. No offer, solicitation, purchase or
sale shall be made in any jurisdiction in which such an offer, solicitation,
or sale would be unlawful. None of Bank of America, its board of directors,
officers or affiliates, the dealer manager, the information agent, or the
trustee made any recommendation as to whether eligible holders should tender
their notes in the Tender Offer.
Bank of America
Bank of America is one of the world’s largest financial institutions, serving
individual consumers, small- and middle-market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk management products and services. The company
provides unmatched convenience in the United States, serving more than 55
million consumer and small business relationships with approximately 5,500
retail banking offices and approximately 16,300 ATMs and award-winning online
banking with 30 million active users. Bank of America is among the world’s
leading wealth management companies and is a global leader in corporate and
investment banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the world. Bank
of America offers industry-leading support to more than 3 million small
business owners through a suite of innovative, easy-to-use online products and
services. The company serves clients through operations in more than 40
countries. Bank of America Corporation stock (NYSE: BAC) is a component of the
Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Certain statements in this news release represent the current expectations,
plans or forecasts of Bank of America and are forward-looking. Forward-looking
statements can be identified by the fact that they do not relate strictly to
historical or current facts. These statements often use words like “expects,”
“anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,”
“predict,” “goal” and other similar expressions or future or conditional verbs
such as “will,” “may,” “might,” “should,” “would” and “could.” The
forward-looking statements made in this press release include, without
limitation, certain statements concerning the Tender Offer. Forward-looking
statements speak only as of the date they are made, and Bank of America
undertakes no obligation to update any forward-looking statement to reflect
the impact of circumstances or events that arise after the date the
forward-looking statement was made.
These statements are not guarantees of future results or performance and
involve certain risks, uncertainties and assumptions that are difficult to
predict and are often beyond Bank of America’s control. Actual outcomes and
results may differ materially from those expressed in, or implied by, any of
these forward-looking statements. You should not place undue reliance on any
forward-looking statement and should consider all of the uncertainties and
risks discussed under Item 1A. “Risk Factors” of Bank of America’s Annual
Report on Form 10-K for the year ended December 31, 2011 and in any of Bank of
America’s other subsequent Securities and Exchange Commission filings.
For more Bank of America news, visit the Bank of America newsroom.
Investors May Contact:
Kevin Stitt, Bank of America, 1.980.386.5667
Lee McEntire, Bank of America, 1.980.388.6780
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.980.388.2840
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