By Aleesia Forni
Virginia Beach, May 29 – Bank of America NA priced a $2.75 billion two-tranche issue of senior bank notes (A1/A/A+) on Friday, according to an informed source.
There was $1 billion of floating-rate notes due 2017 priced at par to yield Libor plus 45 basis points.
A $1.75 billion 1.75% note due 2018 priced at 99.913 to yield 1.78%, or Treasuries plus 85 bps.
Both tranches sold at the tight end of price talk.
BofA Merrill Lynch is the bookrunner.
Proceeds will be used for general corporate purposes.
The issuer’s parent, Bank of America Corp., is a financial services company based in Charlotte, N.C.
| Issuer: | Bank of America NA
|
| Issue: | Senior bank notes
|
| Amount: | $2.75 billion
|
| Bookrunner: | BofA Merrill Lynch
|
| Trade date: | May 29
|
| Settlement date: | June 5
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Fitch: A+
|
|
|
| Floaters due 2017
|
| Amount: | $1 billion
|
| Maturity: | June 5, 2017
|
| Coupon: | Libor plus 45 bps
|
| Price: | Par
|
| Yield: | Libor plus 45 bps
|
| Price guidance: | Libor plus 50 bps area
|
|
|
| Notes due 2018
|
| Amount: | $1.75 billion
|
| Maturity: | June 5, 2018
|
| Coupon: | 1.75%
|
| Price: | 99.913
|
| Yield: | 1.78%
|
| Spread: | Treasuries plus 85 bps
|
| Price guidance: | Treasuries plus 90 bps area
|
|
|
|
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