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Bank of America plans fixed-to-floating notes with 3% initial rate
By Susanna Moon
Chicago, Oct. 21 – Bank of America Corp. plans to price fixed-to-floating notes due Oct. 30, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first two years. Beginning in Oct. 30, 2016, it will be Libor plus 112.5 basis points, up to a maximum rate.
The cap will be 4% for the first three years, stepping up to 5% for the next two years and to 6% after that. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
BofA Merrill Lynch is the underwriter.
The notes will settle in October.
The Cusip number is 06048WPV6.
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