BofA plans fixed to floating-rate notes due 2020 linked to Libor

By Jennifer Chiou

New York, March 3 - Bank of America Corp. plans to issue fixed to floating-rate notes due March 10, 2020 linked to Libor, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly and will be fixed at 6.125% for the first year. Thereafter, interest will accrue at Libor plus a fixed spread of 225 basis points. The coupon is subject to a floor of zero and a cap of 7.125% per year in each interest period.

The payout at maturity will be par.

The notes are expected to price and settle in March.

BofA Merrill Lynch is the agent.

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