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Bank of America plans to price floaters tied to Consumer Price Index
By Marisa Wong
Milwaukee, May 20 - Bank of America Corp. plans to price floating-rate notes due May 28, 2020 linked to the Consumer Price Index, according to a term sheet.
The coupon will be 6% for the first year. After that, the rate will be the year-over-year change in the Consumer Price Index plus a spread of 200 basis points, up to a maximum rate of 8%. The coupon is payable monthly and cannot be less than 0%.
The payout at maturity will be par.
The notes are expected to settle on May 28.
Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. are the underwriters. Incapital LLC is the distributor.
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