By Marisa Wong
Madison, Wis., Feb. 17 - Bank of America Corp. priced $25 million of CMS-linked to Libor floating-rate notes due Feb. 17, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
For the first five years, interest will accrue at 3.1% per year plus the spread. The spread will equal 5% if the difference of the 10-year Constant Maturity Swap rate minus the two-year CMS rate is less than or equal to 1%. Otherwise, the spread will equal zero.
Beginning Feb. 17, 2016, the interest rate will be Libor plus 140 basis points, subject to a cap of 7% per year.
Interest is payable quarterly.
The notes are not callable.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | CMS-linked to Libor floating-rate notes
|
| Amount: | $25 million
|
| Maturity: | Feb. 17, 2021
|
| Coupon: | 3.1% per year plus the spread for first five years; spread is 5% if 10-year CMS rate minus two-year CMS rate is less than or equal to 1%, otherwise spread is zero; beginning Feb. 17, 2016, Libor plus 140 basis points, capped at 7%; payable quarterly
|
| Price: | Par
|
| Pricing date: | Feb. 15
|
| Settlement date: | Feb. 17
|
| Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Fees: | None
|
| Cusip: | 06048WFL9
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
