Bank of America plans floaters on Consumer Price Index with 7.5% cap

By Susanna Moon

Chicago, June 30 - Bank of America Corp. plans to price floating-rate notes due July 14, 2023 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 5.5% for the first 18 months. After that, it will be the year-over-year change in the Consumer Price Index plus a spread of at least 150 basis points, up to a maximum rate of 7.5%. Interest is payable monthly and cannot be less than zero.

The exact terms will be set at pricing.

The payout at maturity will be par.

Bank of America Merrill Lynch is the agent.

The notes are expected to settle on July 14.

The Cusip is 06048WGR5.

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