By Angela McDaniels
Tacoma, Wash., May 12 – Bank of America Corp. priced $6.5 million of fixed-to-floating-rate notes due May 12, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.25% for the first three years. After that, the interest rate will be equal to the 10-year CMS rate. Interest is payable quarterly.
The payout at maturity will be par.
BofA Merrill Lynch is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Fixed-to-floating-rate notes
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Underlying rate: | 10-year Constant Maturity Swap rate
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Amount: | $6.5 million
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Maturity: | May 12, 2025
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Coupon: | 3.25% for first three years; after that, 10-year CMS rate; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | May 8
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Settlement date: | May 12
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Agent: | BofA Merrill Lynch
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Fees: | 0.843%
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Cusip: | 06048WQU7
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