Published on 4/30/2012 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $28.7 million fixed-to-floating notes due 2016
By Jennifer Chiou
New York, April 30 - Bank of America Corp. priced $28,702,000 of fixed-to-floating notes with a minimum coupon due May 3, 2016, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 4.84% 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
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Amount: | $28,702,000
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Maturity: | May 3, 2016
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Coupon: | 4.84% initially; beginning on May 3, 2013, Libor plus 150 bps, with a floor of 1.5%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | April 26
|
Settlement date: | May 3
|
Agent: | Bank of America Merrill Lynch
|
Fees: | 1%
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Cusip: | 06048WLY4
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