BofA plans fixed-to-floaters with 4.625% initial rate and 4% floor

By Jennifer Chiou

New York, Oct. 17 - Bank of America Corp. plans to price fixed-to-floating notes due Oct. 30, 2015, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 4.625% for the first two years. After that, it will be Libor plus 300 basis points, with a minimum rate of 4%. Interest is payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 06048WHU7) are expected to settle on Oct. 31

Bank of America Merrill Lynch is the underwriter.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.