Published on 3/2/2023 in the Prospect News Structured Products Daily.
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, March 2 – Bank of America Corp. priced $50 million priced $50 million of fixed-to-floating-rate notes due March 28, 20234, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 6% until June 28, then converts to the one-year U.S. Dollar SOFR ICE swap rate plus 16 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.
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Issue: | Fixed-to-floating-rate notes
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Amount: | $50 million
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Maturity: | March 28, 2024
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Coupon: | 6% until June 28, then one-year U.S. Dollar SOFR ICE swap rate plus 16 bps, subject to a floor of zero; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Feb. 24
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Settlement date: | Feb. 28
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Agent: | BofA Securities, Inc.
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Fees: | 0.02%
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Cusip: | 06055JAF6
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