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Bank of America plans to sell floored fixed-to-floating notes due 2017
By Marisa Wong
Madison, Wis., May 1 - Bank of America Corp. plans to price fixed-to-floating notes with a minimum coupon due May 17, 2017, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be a fixed rate of 4.375% for the first year. After that it will be equal to Libor plus 100 basis points, subject to a minimum rate. The floor is 1.5% for year two, 2% for year three, 2.5% for year four and 3% for year five. Interest is payable quarterly.
The payout at maturity will be par.
Bank of America Merrill Lynch is the underwriter.
The notes (Cusip: 06048WMF4) will settle on May 17.
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