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Bank of America plans to price fixed-to-floating notes due 2016
By Marisa Wong
Madison, Wis., April 27 - Bank of America Corp. plans to price fixed-to-floating notes with a minimum coupon due May 2016, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be a fixed rate of 4% to 5% for the first year. After that it will be equal to Libor plus 150 basis points, with a minimum rate of 1.5%. Interest is payable quarterly. The exact fixed rate will be set at pricing.
The payout at maturity will be par.
Bank of America Merrill Lynch is the underwriter.
The notes will price and settle in May.
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