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Bank of America plans floaters on Consumer Price Index with 7% cap
By Jennifer Chiou
New York, July 22 - Bank of America Corp. plans to price floating-rate notes due Aug. 15, 2023 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 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 175 basis points, up to a maximum rate of 7%. 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.
The notes (Cusip: 06048WHA1) are expected to settle on Aug. 15.
Bank of America Merrill Lynch is the agent.
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