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Bank of America plans 10-year fixed-to-floaters with 3.5% initial rate
By Susanna Moon
Chicago, Oct. 21 – Bank of America Corp. plans to price fixed-to-floating-rate notes due Oct. 28, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 3.5% for the first two years. After that, it will be Libor plus a spread of 100 basis points, up to a maximum rate of 3.5% until Oct. 28, 2020, 4% until Oct. 28, 2023, 4.5% until Oct. 28, 2024, 5% until Oct. 28, 2025 and 6% until Oct. 28, 2026. Interest will be payable quarterly.
The payout at maturity will be par.
BofA Merrill Lynch is the underwriter.
The notes will settle on Oct. 28.
The Cusip number is 06048WTR1.
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