Chicago, Nov. 6 – Bank of America Corp. priced $879,000 of fixed-to-floating rate notes due Oct. 20, 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 during the first year of the notes, paid monthly.
After the first year, the interest rate will be equal to the CPI inflation adjustment, the percentage change between the month that is 15 months prior to the month in which the applicable interest period begins and the month that is three months prior to the month in which the applicable interest period begins, 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 selling agent.
| Issuer: | Bank of America Corp.
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| Issue: | Fixed-to-floating rate notes
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| Underlying rate: | Consumer Price Index
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| Amount: | $879,000
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| Maturity: | Oct. 20, 2027
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| Coupon: | 6% per year for first year; then year-over-year percentage change in CPI, calculated using 15 months prior to month for applicable interest period and three months prior to applicable interest period, plus 50 bps with floor of 0% per annum and cap of 10% per annum payable monthly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Oct. 18, 2022
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| Settlement date: | Oct. 20, 2022
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 1%
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| Cusip: | 06048WZ52
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