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Harris plans stepped rate range accrual CDs linked to six-month Libor
By Angela McDaniels
Tacoma, Wash., Feb. 3 - Harris NA plans to price stepped rate callable Libor range accrual certificates of deposit due Feb. 25, 2026 linked to six-month Libor, according to a term sheet.
The interest rate will be 5% for the first year. After that time, the interest rate will be the interest factor multiplied by the proportion of days on which six-month Libor is 6% or less. The interest factor is initially 5% per year and steps up to 5.75% on Feb. 25, 2016 and to 6.5% on Feb. 25, 2021. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning Feb. 25, 2012, the CDs will be callable at par on any interest payment date.
The CDs (Cusip: 41456TMK2) will settle Feb. 25.
The agent was not disclosed in the term sheet.
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