Published on 6/21/2018 in the Prospect News Investment Grade Daily.
New Issue: Bank of America details $850 million of four-year floating-rate notes
By Devika Patel
Knoxville, Tenn., June 21 – Bank of America Corp. offered further details about an $850 million sale of medium-term floating-rate senior notes due June 25, 2022 (A3/A-/A) that priced on Wednesday at Libor plus 65 basis points, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at par.
Initial price talk on the notes was in the Libor plus 70 bps area.
BofA Merrill Lynch was the bookrunner.
Proceeds will be used for general corporate purposes, including debt repayments, reductions, redemptions or repurchases.
The financial services company is based in Charlotte, N.C.
| Issuer: | Bank of America Corp.
|
| Amount: | $850 million
|
| Maturity: | June 25, 2022
|
| Description: | Series M medium-term floating-rate senior notes
|
| Bookrunner: | BofA Merrill Lynch
|
| Senior co-managers: | ABN Amro Inc., BBVA Securities Inc., BNY Mellon Capital Markets LLC, Capital One Securities, Inc., CIBC World Markets Corp., Credit Agricole Securities (USA) Inc., Danske Markets Inc., Deutsche Bank Securities Inc., ICBC Standard Bank plc, ING Financial Markets LLC, Lloyds Securities Inc., Mizuho Securities USA Inc., nabSecurities, LLC, Natixis Securities Americas LLC, Rabo Securities USA, Inc., RBS Securities Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc., SG Americas Securities LLC, SMBC Nikko Securities America, Inc., Standard Chartered Bank, UniCredit Capital Markets LLC and Westpac Capital Markets LLC
|
| Junior co-managers: | Apto Partners, LLC and Stern Brothers & Co.
|
| Coupon: | Libor plus 65 bps
|
| Price: | Par
|
| Yield: | Libor plus 65 bps
|
| Call: | On June 25, 2021 in whole at par
|
| Trade date: | June 20
|
| Settlement date: | June 25
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price talk: | Libor plus 70 bps area
|
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