Bank of America plans range accrual notes linked to six-month Libor

By Toni Weeks

San Diego, Aug. 1 - Bank of America Corp. plans to price callable range accrual notes due August 2026 linked to six-month Libor, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a coupon at the rate of 7% to 7.3% per year on each day that six-month Libor is 6% or less. Interest is payable quarterly. The exact coupon will be set at pricing.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date.

The notes will price and settle in August.

Bank of America Merrill Lynch is the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.