New Issue: BofA sells $25 million capped fixed-to-floaters linked to SOFR

By Wendy Van Sickle

Columbus, Ohio, Dec. 9 – Bank of America Corp. priced $25 million of capped fixed- to floating-rate notes due Dec. 7, 2027 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 7.52% initially, payable quarterly. Beginning Dec. 7, 2023, the interest rate will be equal to SOFR plus 100 basis points, capped at 6.5% and with a floor of 0%. Interest will be payable quarterly.

The payout at maturity will be par.

BofA Securities, Inc. is the agent.

Issuer:	Bank of America Corp.
Issue:	Capped fixed- to floating-rate notes
Underlying rate:	SOFR
Amount:	$25 million
Maturity:	Dec. 7, 2027
Coupon:	7.52% initially, payable quarterly; beginning Dec. 7, 2023, SOFR plus 100 bps, capped at 6.5% and with a floor of 0%
Price:	Par
Payout at maturity:	Par
Pricing date:	Dec. 5
Settlement date:	Dec. 7
Agent:	BofA Securities, Inc.
Fees:	0%
Cusip:	06048W2P4

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