By Angela McDaniels
Tacoma, Wash., Aug. 5 - Bank of America Corp. priced $11.25 million of capped notes due Aug. 6, 2033 linked to the 30-year Constant Maturity Swap rate and the five-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
The initial interest rate is 10%. Beginning Aug. 6, 2014, the interest rate will be (a) 4.75 times (b) the 30-year CMS rate minus the five-year CMS rate, subject to a maximum rate of 10% per year and a minimum rate of zero. Interest is payable quarterly.
The payout at maturity will be par.
BofA Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
|
Issue: | Capped notes
|
Underlyings: | 30-year and five-year Constant Maturity Swap rates
|
Amount: | $11.25 million
|
Maturity: | Aug. 6, 2033
|
Coupon: | 10% for first year; beginning Aug. 6, 2014, (a) 4.75 times (b) 30-year CMS rate minus five-year CMS rate, subject to maximum rate of 10% per year and minimum rate of zero; payable quarterly
|
Price: | Varying prices
|
Payout at maturity: | Par
|
Pricing date: | Aug. 1
|
Settlement date: | Aug. 6
|
Agent: | BofA Merrill Lynch
|
Fees: | Purchase price for agent is 96.96
|
Cusip: | 06048WPB0
|
© 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.