Bank of America plans fixed-to-floating notes with 3.25% floor, no cap

By Susanna Moon

Chicago, Nov. 7 - Bank of America Corp. plans to price fixed-to-floating notes due Nov. 8, 2013, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 4.5% initially. Beginning May 8, 2012, it will be Libor plus 250 basis points, with a minimum rate of 3.25%. Interest is payable quarterly.

The payout at maturity will be par.

Bank of America Merrill Lynch is the underwriter.

The notes will settle on Nov. 8.

The Cusip number is 06048WJL5.

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