By Wendy Van Sickle
Columbus, Ohio, Sept. 29 – Bank of America Corp. priced $1.68 million of fixed-to-floating rate notes due Sept. 28, 2027 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 6% per year initially, paid monthly.
Beginning on Sept. 28, 2023, the interest rate will be equal to the year-over-year change in the CPI plus 50 basis points. Interest will be payable monthly and cannot be less than 0% per annum or greater than 10% per annum.
The payout at maturity will be par.
BofA Securities, Inc. is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Fixed-to-floating rate notes
|
| Underlying rate: | Consumer Price Index
|
| Amount: | $1,684,000
|
| Maturity: | Sept. 28, 2027
|
| Coupon: | 6% per year until Sept. 28, 2023; then year-over-year change in CPI plus 50 bps with floor of 0% per annum and cap of 10% per annum payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Sept. 26
|
| Settlement date: | Sept. 29
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 1%
|
| Cusip: | 06048WY46
|
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