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Bank of America to price 15-year callable Libor range accrual notes
By Angela McDaniels
Tacoma, Wash., April 29 - Bank of America Corp. plans to price 15-year callable Libor range accrual notes linked to six-month Libor, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 6.25% to 6.75% per year multiplied by the proportion of days on which six-month Libor is 6% or less. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning two years after settlement, the notes will be callable at par on any interest payment date.
The notes are expected to price in May and settle in June.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
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