Published on 8/30/2010 in the Prospect News Structured Products Daily.
New Issue: Bank of America sells $13.06 million capped floaters linked to Libor
By Susanna Moon
Chicago, Aug. 30 - Bank of America Corp. priced $13.06 million of capped floating-rate notes with a minimum coupon due Sept. 1, 2017 based on Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will accrue interest at 1.5 times Libor, up to maximum annualized rate of 9% and with a minimum rate of 2.97%. Interest will be payable quarterly.
The payout at maturity will be par.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Capped floating-rate notes with minimum coupon
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Underlying rates: | Libor
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Amount: | $13,057,000
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Maturity: | Sept. 1, 2017
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Coupon: | 150% of Libor, capped at 9% annually and floor of 2.97%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | July 30
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Settlement date: | Aug. 4
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Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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Fees: | 1.25%
|
Cusip: | 06048WDL1
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