Published on 8/23/2023 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $75 million floating-rate notes on SOFR ICE swap rate
By Wendy Van Sickle
Columbus, Ohio, Aug. 23 – Bank of America Corp. priced $75 million of floating-rate notes due Sept. 18, 2024 linked to the one-year U.S. dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be equal to the swap rate plus 52 basis points, subject to a floor of 0% per annum. Interest will be payable monthly.
BofA Securities, Inc. is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Floating-rate notes
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Underlying index: | One-year U.S. dollar SOFR ICE swap rate
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Amount: | $75 million
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Maturity: | Sept. 18, 2024
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Coupon: | Swap rate plus 52 bps, subject to a floor of 0% per annum; payable monthly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Aug. 16
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Settlement date: | Aug. 18
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Agent: | BofA Securities, Inc.
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Fees: | 0.05%
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Cusip: | 06055JBX6
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