By Marisa Wong
Morgantown, W.Va., Nov. 9 – Bank of America Corp. priced $9.75 million of fixed-to-floating notes due Oct. 30, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest rate will be fixed at 3.5% for the first three years. After that, it will accrue at the 10-year CMS rate. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
BofA Merrill Lynch is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Fixed-to-floating-rate notes
|
| Underlying rate: | 10-year Constant Maturity Swap rate
|
| Amount: | $9.75 million
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| Maturity: | Oct. 30, 2025
|
| Coupon: | 3.5% for first three years; beginning Oct. 30, 2018, 10-year CMS rate; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Oct. 28
|
| Settlement date: | Oct. 30
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 0.95%
|
| Cusip: | 06048WRV4
|
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