By Sarah Lizee
Olympia, Wash., May 18 – Bank of America Corp. priced $2.5 million of fixed- to floating-rate notes due May 18, 2025 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 4.4% for the first two years. Beginning on May 18, 2020, the notes will be equal to the 10-year U.S. dollar ICE swap rate. Interest will be payable quarterly and cannot be less than zero.
The notes are non-callable.
The payout at maturity will be par.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Fixed- to floating-rate notes
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| Underlying rate: | 10-year U.S. dollar ICE swap rate
|
| Amount: | $2.5 million
|
| Maturity: | May 18, 2025
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| Coupon: | 4.4% initially; beginning May 18, 2020, equal to the 10-year swap rate, subject to a 0% floor; payable quarterly
|
| Price: | Par
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| Payout at maturity: | Par
|
| Call option: | Non-callable
|
| Pricing date: | May 16
|
| Settlement date: | May 18
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 1.03%
|
| Cusip: | 06048WWK2
|
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