By Jennifer Chiou
New York, Oct. 9 – Bank of America Corp. priced $7 million of floating-rate notes due Oct. 9, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will equal the year-over-year change in the Consumer Price Index plus 105 basis points. Interest is payable monthly and cannot be less than zero.
The payout at maturity will be par.
As of Oct. 7, the initial estimated value of the notes is $964.40 per $1,000 principal amount.
BofA Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Floating-rate notes
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Underlying index: | Consumer Price Index
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Amount: | $7 million
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Maturity: | Oct. 9, 2024
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Coupon: | Equal to year-over-year change in Consumer Price Index plus 105 bps; floor of 0%; payable monthly
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Price: | Variable
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Payout at maturity: | Par
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Pricing date: | Oct. 7
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Settlement date: | Oct. 9
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Agent: | BofA Merrill Lynch
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Fees: | 1.85714%
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Cusip: | 06048WPU8
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