Published on 2/13/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $20 million floating-rate notes tied to one-year SOFR ICE swap rate
By Wendy Van Sickle
Columbus, Ohio, Feb. 13 – Bank of America Corp. priced $20 million of floating-rate notes due Feb. 21, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be equal to the one-year U.S. dollar SOFR ICE swap rate plus 78 basis points. Interest will be payable monthly and cannot be less than 0%.
The payout at maturity will be par.
BofA Securities, Inc. is the agent.
Issuer: | Bank of America Corp.
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Issue: | Floating-rate notes
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Underlying rate: | One-year U.S. dollar SOFR ICE swap rate
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Amount: | $20 million
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Maturity: | Feb. 21, 2025
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Coupon: | One-year U.S. dollar SOFR ICE swap rate plus 78 bps, floor of 0%, payable monthly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Jan. 18
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Settlement date: | Jan. 22
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Agent: | BofA Securities, Inc.
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Fees: | 0.125%
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Cusip: | 06055JDB2
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