By Angela McDaniels
Tacoma, Wash., Aug. 5 - Bank of America Corp. priced $11.25 million of capped notes due Aug. 6, 2033 linked to the 30-year Constant Maturity Swap rate and the five-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
The initial interest rate is 10%. Beginning Aug. 6, 2014, the interest rate will be (a) 4.75 times (b) the 30-year CMS rate minus the five-year CMS rate, subject to a maximum rate of 10% per year and a minimum rate of zero. Interest is payable quarterly.
The payout at maturity will be par.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Capped notes
|
| Underlyings: | 30-year and five-year Constant Maturity Swap rates
|
| Amount: | $11.25 million
|
| Maturity: | Aug. 6, 2033
|
| Coupon: | 10% for first year; beginning Aug. 6, 2014, (a) 4.75 times (b) 30-year CMS rate minus five-year CMS rate, subject to maximum rate of 10% per year and minimum rate of zero; payable quarterly
|
| Price: | Varying prices
|
| Payout at maturity: | Par
|
| Pricing date: | Aug. 1
|
| Settlement date: | Aug. 6
|
| Agent: | BofA Merrill Lynch
|
| Fees: | Purchase price for agent is 96.96
|
| Cusip: | 06048WPB0
|
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