By Susanna Moon
Chicago, Dec. 11 – BofA Finance LLC priced $5 million of fixed-to-floating callable capped notes due Nov. 30, 2032 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 7% for the first year. After that, the notes will pay interest at 7 times the spread of the 30-year U.S. dollar ICE swap rate over the two-year U.S. dollar ICE swap rate, up to a maximum rate of 7.5%. Interest will be payable quarterly and cannot be less than zero.
The notes are callable at par after one year.
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
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Fixed-to-floating callable capped notes
|
| Amount: | $5 million
|
| Maturity: | Nov. 30, 2032
|
| Coupon: | 7% initially; beginning Nov. 30, 2018, 7 times the spread of the 30-year U.S. dollar ICE swap rate over the two-year U.S. dollar ICE swap rate, capped at 7.5%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par beginning Nov. 30, 2018
|
| Pricing date: | Nov. 28
|
| Settlement date: | Nov. 30
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 09709TCD1
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
