Bank of America to price fixed-to-floaters on 10-year ICE swap rate

By Marisa Wong

Morgantown, W.Va., Aug. 25 – Bank of America Corp. plans to price fixed-to-floating notes due Aug. 28, 2027 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be fixed at 4.1% for the first two years. After that, the notes will bear interest at the 10-year U.S. dollar ICE swap rate, subject to a floor of zero. Interest will be payable quarterly.

The payout at maturity will be par.

BofA Merrill Lynch is the agent.

The notes will price on Aug. 28.

The Cusip number is 06048WUT5.

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