New Issue: Bank of America prices $120 million fixed-to-floating notes due 2016

By Marisa Wong

Madison, Wis., April 24 - Bank of America Corp. priced $120 million of fixed-to-floating notes with a minimum coupon due April 27, 2016, according to an FWP filing with the Securities and Exchange Commission.

The coupon will be 5.1% for the first year. After that it will be equal to Libor plus 150 basis points, with a minimum rate of 1.5%. Interest is payable quarterly.

The payout at maturity will be par.

Bank of America Merrill Lynch is the underwriter.

Issuer:	Bank of America Corp.
Issue:	Fixed-to-floating notes with a minimum coupon
Amount:	$120 million
Maturity:	April 27, 2016
Coupon:	5.1% initially; beginning April 27, 2013, Libor plus 150 bps, with a floor of 1.5%; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	April 20
Settlement date:	April 27
Agent:	Bank of America Merrill Lynch
Fees:	1%
Cusip:	06048WLP3

© 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.