BofA plans to price putable floating-rate notes due 2058 on Libor

By Sarah Lizee

Olympia, Wash., April 18 – Bank of America Corp. plans to price putable floating-rate notes due April 23, 2058, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be equal to Libor minus a spread of 30 basis points, subject to a minimum interest rate of 0%. Interest will be payable quarterly.

The payout at maturity will be par.

The notes are putable every two years beginning on April 23, 2020. The redemption price will be 98 from April 23, 2020 to April 22, 2030, 99 from April 23, 2032 to April 22, 2042 and par after that.

BofA Merrill Lynch is the agent.

The notes are expected to price on April 19 and settle on April 23.

The Cusip number is 06048WWH9.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.