By Wendy Van Sickle
Columbus, Ohio, Nov. 6 – Bank of America Corp. priced $10 million fixed-to-floating notes due Oct. 30, 2028 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 5.5% for two years. After that, the rate will be equal to the 10-year swap rate plus 130 basis points. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes are guaranteed by Bank of America Corp.
BofA Merrill Lynch is the agent.
Issuer: | BofA Finance, LLC
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Guarantor: | Bank of America Corp.
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Issue: | Fixed-to-floating notes
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Underlying rates: | 10-year U.S. dollar ICE swap rate
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Amount: | $10 million
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Maturity: | Oct. 30, 2028
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Coupon: | 5.5% initially; beginning Oct. 30, 2020, the 10-year swap rate plus 130 bps, payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Oct. 29
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Settlement date: | Oct. 31
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Agent: | BofA Merrill Lynch
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Fees: | 1.25%
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Cusip: | 06048WXX3
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