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Harris plans $10 million callable range accrual CDs on six-month Libor
By Marisa Wong
Madison, Wis., Nov. 18 - Harris NA plans to price $10 million of callable step-up six-month Libor range accrual certificates of deposit due Dec. 8, 2025.
The coupon will be 4.25% for the first year. After that, interest will accrue at the reference rate for each day Libor is less than 6%. The reference rate will be 4.25% per year from Dec. 8, 2011 to Dec. 8, 2015; 5% per year from Dec. 8, 2015 to Dec. 8, 2020; and 6% thereafter. Interest is payable quarterly.
The payout at maturity will be par.
The CDs will be callable at par on any quarterly redemption date beginning Dec. 8, 2011.
The CDS will settle on Dec. 8.
BMO Capital Markets is the agent.
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