New Issue: BofA prices $4 million fixed-to-floaters on SOFR ICE swap rate

By Wendy Van Sickle

Columbus, Ohio, April 28 – Bank of America Corp. priced $4 million of fixed- to floating-rate notes due April 27, 2032 linked to 10-Year U.S. Dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 6% initially, payable quarterly for the first two years. Beginning April 27, 2024, the interest rate will be equal to 10-Year U.S. Dollar SOFR ICE swap rate plus 40 basis points with a floor of 0%. Interest will be 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
Underlying rate:	10-Year U.S. Dollar SOFR ICE swap rate
Amount:	$4 million
Maturity:	April 27, 2032
Coupon:	6% initially, payable quarterly; beginning April 27, 2024, 10-Year U.S. Dollar SOFR ICE swap rate plus 40 bps, with a floor of 0%
Price:	Par
Payout at maturity:	Par
Pricing date:	April 25
Settlement date:	April 27
Agent:	BofA Securities, Inc.
Fees:	1.275%
Cusip:	06048WV49

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