Bank of America plans $5 million CMS curve accrual notes for AIG

By Jennifer Chiou

New York, June 8 - Bank of America Securities LLC plans to price $5 million of Constant Maturity Swap (CMS) curve accrual notes due June 29, 2017 for issuer American International Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will accrue at 7% per year times the reference rate, which is the proportion of days on which the 10-year CMS rate is greater than the two-year CMS rate, up to June 29, 2011. From June 29, 2011 up to June 29, 2015, the interest rate will be 8% times the reference rate, and from June 29, 2015 up to June 29, 2017, the interest rate will be 9% times the reference rate.

Interest will be payable quarterly.

The notes are callable in whole at par on any interest payment date beginning Sept. 29, 2007 up to and including March 29, 2017.

The notes will be issued on June 29.

© 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.