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Bank of America to price floating-rate notes based on 10-year CMS rate
By Angela McDaniels
Tacoma, Wash., March 2 - Bank of America Corp. plans to price 10-year floating-rate notes linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 80% to 100% of the 10-year CMS rate, with the exact participation rate to be set at pricing. Interest will be payable quarterly.
The payout at maturity will be par.
The notes are expected to price in March or April.
Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the underwriters.
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