By Cristal Cody
Tupelo, Miss., Feb. 4 – Bank of America Corp. (A3/A-/A+) priced $3 billion of 3.974% fixed-to-floating rate notes due Feb. 7, 2030 on Monday at a spread of Treasuries plus 125 basis points, according to a market source.
The notes will reset to a rate of Libor plus 121 bps after the initial fixed-rate period.
Initial price talk on the notes was in the Treasuries plus 140 bps area.
BofA Merrill Lynch was the bookrunner.
The financial services company is based in Charlotte, N.C.
| Issuer: | Bank of America Corp.
|
| Amount: | $3 billion
|
| Maturity: | Feb. 7, 2030
|
| Description: | Fixed-to-floating rate notes
|
| Bookrunner: | BofA Merrill Lynch
|
| Coupon: | 3.974%; resets to Libor plus 121 bps after initial fixed-rate period
|
| Spread: | Treasuries plus 125 bps
|
| Trade date: | Feb. 4
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A+
|
| Price talk: | Treasuries plus 140 bps area
|
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