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
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.