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BofA plans to price callable daily range accrual notes tied to Libor
By Sarah Lizee
Olympia, Wash., April 24 – BofA Finance LLC plans to price issuer callable daily range accrual notes due May 8, 2034 tied to six-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The interest rate is 5% per year multiplied by the proportion of days on which Libor is zero or positive but less than or equal to the accrual barrier, 4.25%. The maximum interest rate is 5% and the minimum interest rate is 0%. Interest is payable quarterly.
If the notes are not called, the payout at maturity will be par.
Beginning May 8, 2020, the notes will be callable at par on any interest payment date.
BofA Merrill Lynch is the agent.
The notes will price on May 6.
The Cusip number is 09709TGX3.
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