New Issue: Bank of America prices $13.5 million fixed-to-floating notes with 3.5% initial rate

By Angela McDaniels

Tacoma, Wash., Aug. 28 – Bank of America Corp. priced $13.5 million of fixed-to-floating-rate notes with a maximum interest rate due Aug. 28, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

The initial interest rate is 3.5% per year. Beginning Aug. 28, 2019, the interest rate will be Libor plus 100 basis points, subject to a maximum rate of 6% per year. Interest is payable quarterly.

The payout at maturity will be par.

BofA Merrill Lynch is the underwriter.

Issuer:	Bank of America Corp.
Issue:	Fixed-to-floating-rate notes with a maximum interest rate
Amount:	$13.5 million
Maturity:	Aug. 28, 2027
Coupon:	Initial interest rate is 3.5% per year; beginning Aug. 28, 2019, interest rate will be Libor plus 100 bps, subject to 6% maximum rate; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	Non-callable
Pricing date:	Aug. 23
Settlement date:	Aug. 28
Underwriter:	BofA Merrill Lynch
Fees:	0.76%
Cusip:	06048WUS7

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