By Cristal Cody
Tupelo, Miss., Sept. 22 – Bank of America Corp. priced $2 billion of 0.981% five-year social and green medium-term fixed-to-floating rate senior notes (A2/A-/A+) on Tuesday at a spread of Treasuries plus 72 basis points, according to a market source.
Initial price talk was in the Treasuries plus 90 bps area.
The notes will reset after the fixed-rate period to a rate of SOFR plus 91 bps.
BofA Securities Inc. was the bookrunner.
Proceeds will be used to finance or refinance existing and future eligible social assets and eligible green assets, including investments in target markets to reduce inequalities for Black and Hispanic communities and to finance, lease and invest in a transition to a low-carbon economy.
The financial services company is based in Charlotte, N.C.
| Issuer: | Bank of America Corp.
|
| Amount: | $2 billion
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| Maturity: | Sept. 25, 2025
|
| Description: | Series N social and green medium-term fixed-to-floating rate senior notes
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| Bookrunner: | BofA Securities, Inc.
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| Coupon: | 0.981%; resets after fixed-rate period to SOFR plus 91 bps
|
| Spread: | Treasuries plus 72 bps
|
| Trade date: | Sept. 22
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| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 90 bps area
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