Bank of America to price 5.7% mandatory exchangeables linked to CIT

By Marisa Wong

Madison, Wis., Jan. 23 - Bank of America Corp. plans to price mandatory exchangeable senior notes due July 2012 linked to the common shares of CIT Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The six-month notes carry a coupon of 5.7% per year. Interest is payable quarterly.

The payout at maturity will be an amount equal to the final share price, subject to a cap of 115% of par. The payment will be made in cash or CIT stock at the issuer's option.

Bank of America Merrill Lynch is the underwriter.

The notes will price and settle in January.

© 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.