Published on 9/11/2018 in the Prospect News Structured Products Daily.
New Issue: BofA sells $12.15 million putable floating-rate notes due 2058 on Libor
By Sarah Lizee
Olympia, Wash., Sept. 11 – Bank of America Corp. priced $12.15 million of putable floating-rate notes due Sept. 12, 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 year beginning on Sept. 12, 2021. The redemption price will be 98 from Sept. 12, 2021 to Sept. 12, 2028, 99 from Sept. 12, 2029 to Sept. 12, 2038 and par after that.
BofA Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Putable floating-rate notes
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Amount: | $12,154,000
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Maturity: | Sept. 12, 2058
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Price: | Par
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Payout at maturity: | Par
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Coupon: | Libor minus 30 bps, subject to 0% floor; payable quarterly
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Put option: | Putable every year beginning Sept. 12, 2021; redemption price will be 98 from Sept. 12, 2021 to Sept. 12, 2028, 99 from Sept. 12, 2029 to Sept. 12, 2038 and par after that
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Pricing date: | Sept. 7
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Settlement date: | Sept. 12
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Agent: | BofA Merrill Lynch
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Fees: | 1%
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Cusip: | 06048WXP0
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