Published on 6/25/2012 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $26.19 million fixed-to-floaters with 5% initial rate, 1.4% floor
By Susanna Moon
Chicago, June 25 - Bank of America Corp. priced $26.19 million of fixed-to-floating notes due June 28, 2016, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 5% for the first year. After that it will be Libor plus 140 basis points, with a minimum rate of 1.4%. Interest is payable quarterly.
The payout at maturity will be par.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $26,187,000
|
| Maturity: | June 28, 2016
|
| Coupon: | 5% initially; beginning June 28, 2013, Libor plus 140 bps, floor of 1.4%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | June 21
|
| Settlement date: | June 28
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 1%
|
| Cusip: | 06048WMT4
|
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