By Devika Patel
Knoxville, Tenn., May 15 – Bank of America Corp. provided additional details of its $1 billion of fixed-to-floating rate notes (A2/A-/A+) that priced at a spread of Treasuries plus 130 basis points on Thursday, according to an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 145 bps area.
As previously reported, the four-year fixed-to-floating rate senior notes were sold at par with an initial 1.486% coupon until May 19, 2023 and then at rate equal to the SOFR plus 146 bps.
BofA Securities, Inc. was the bookrunner.
Proceeds will be used to finance or refinance existing and new eligible social investments, including new and existing loans and lines of credit beginning March 11 to global commercial banking clients involved in activities in response to the Covid-19 pandemic, including in not-for-profit hospitals, skilled nursing facilities and health care supplies.
The issuer is a Charlotte, N.C.-based bank.
| Issuer: | Bank of America Corp.
|
| Amount: | $1 billion
|
| Description: | Series N fixed-to-floating rate senior notes
|
| Maturity: | May 19, 2024
|
| Bookrunner: | BofA Securities, Inc.
|
| Co-managers: | AmeriVet Securities, Inc. and Stern Brothers & Co.
|
| Coupon: | 1.486% until May 19, 2023 then at SOFR plus 146 bps
|
| Price: | Par
|
| Spread: | 130 bps over Treasuries
|
| Call: | Make-whole call at Treasuries plus 20 bps until May 19, 2023, then a par call
|
| Trade date: | May 14
|
| Settlement date: | May 19
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 145 bps area
|
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