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Bank of America plans fixed-to-floaters with 3% initial rate, 1.25% floor
By Susanna Moon
Chicago, Aug. 6 - Bank of America Corp. plans to price fixed-to-floating notes with a minimum coupon due Aug. 22, 2019, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first two years. Beginning Aug. 22, 2014, it will be Libor plus a spread of at least 125 basis points, with a minimum rate of 1.25%. The exact spread will be set at pricing. Interest is payable quarterly.
The payout at maturity will be par.
Bank of America Merrill Lynch is the underwriter.
The notes will settle on Aug. 22.
The Cusip number is 06048WNA4.
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