Bank of America to Redeem $3B Notes as CashPro Usage Climbs 20%
Bank of America will redeem $3B of 3.559% senior notes due April 2027 at par, ceasing interest accrual and lowering future debt costs. It arranged up to $14B in financing for Oracle’s Michigan AI data center and saw CashPro App usage jump 20% y/y, with $1.2T approved through the platform.
1. Senior Notes Redemption
Bank of America announced it will redeem all $3,000,000,000 of its 3.559% Fixed/Floating Rate Senior Notes due April 2027 at 100% of par, ceasing interest accrual and reducing future debt servicing obligations.
2. Oracle Michigan Data Center Financing
The bank is arranging up to $14 billion in debt financing for Oracle’s Michigan AI-focused data center, potentially positioning Pimco as a central partner and generating significant advisory fee income.
3. CashPro App Adoption
Driven by mobile, AI, and security enhancements, CashPro App sign-ins rose 20% year-over-year, enabling clients to approve a record $1.2 trillion in payment value through the platform, underscoring its growing role in real-time treasury operations.