By Angela McDaniels
Tacoma, Wash., July 10 - Bank of America Corp. priced $33.25 million of capped notes due July 11, 2033 linked to the 30-year Constant Maturity Swap rate and the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
The initial interest rate is 10.25%. Beginning July 11, 2014, the interest rate will be (a) four times (b) the 30-year CMS rate minus the two-year CMS rate minus 10 basis points, subject to a maximum rate of 10.25% per year and a minimum rate of zero. Interest is payable quarterly.
The payout at maturity will be par.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Capped notes
|
| Underlyings: | 30-year and two-year Constant Maturity Swap rates
|
| Amount: | $33.25 million
|
| Maturity: | July 11, 2033
|
| Coupon: | 10.25% for first year; beginning July 11, 2014, (a) four times (b) 30-year CMS rate minus two-year CMS rate minus 10 bps, subject to maximum rate of 10.25% per year and minimum rate of zero; payable quarterly
|
| Price: | Varying prices
|
| Payout at maturity: | Par
|
| Pricing date: | July 8
|
| Settlement date: | July 11
|
| Agent: | BofA Merrill Lynch
|
| Fees: | Purchase price for agent is 97.54
|
| Cusip: | 06048WNZ9
|
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