By Wendy Van Sickle
Columbus, Ohio, April 24 – Bank of America Corp. priced $65 million of fixed-to-floating rate notes due April 22, 2026 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5.6% per year during the first six months of the notes, paid quarterly.
After that the notes will bear interest at SOFR plus 65 basis points. Interest will be payable quarterly and cannot be less than 0% per annum or greater than 10% per annum.
The payout at maturity will be par.
BofA Securities, Inc. is the selling agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Fixed-to-floating rate notes
|
| Amount: | $65 million
|
| Maturity: | April 22, 2026
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| Coupon: | 5.6% per year for first six months; then compounded, plus 65 bps with floor of 0% per annum and cap of 10% per annum payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | April 18
|
| Settlement date: | April 22
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0.14%
|
| Cusip: | 06055JEB1
|
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