New Issue: BofA sells $50 million fixed-to-floating-rate notes linked to U.S. Dollar SOFR ICE swap rate

By Wendy Van Sickle

Columbus, Ohio, Jan. 23 – Bank of America Corp. priced $50 million priced $50 million of fixed-to-floating-rate notes due Feb. 20, 20234, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 5% for the first six months, then converts to the two-year U.S. Dollar SOFR ICE swap rate plus 100 basis points, subject to a floor of zero. Interest is payable quarterly.

The payout at maturity will be par.

BofA Securities, Inc. is the agent.

Issuer:	Bank of America Corp.
Issue:	Fixed-to-floating-rate notes
Amount:	$50 million
Maturity:	Feb. 20, 2024
Coupon:	5% for first six months, then two-year U.S. Dollar SOFR ICE swap rate plus 100 bps, subject to a floor of zero; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Jan. 18
Settlement date:	Jan. 20
Agent:	BofA Securities, Inc.
Fees:	0.05%
Cusip:	06055JAD1

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