By Toni Weeks
San Luis Obispo, Calif., June 25 – Bank of America Corp. priced $5.65 million of fixed-to-floating notes due June 26, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest rate will be fixed at 3.5% for the first three years. After that, it will accrue at the 10-year CMS rate. Interest will be payable quarterly and cannot be less than zero.
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: | $5.65 million
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Maturity: | June 26, 2025
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Coupon: | 3.5% for first three years; beginning June 26, 2018, 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: | June 23
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Settlement date: | June 26
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Underwriter: | BofA Merrill Lynch
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Fees: | 0.5%
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Cusip: | 06048WRA0
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