By Jennifer Chiou
New York, Jan. 13 - Bank of America Corp. priced $11 million of floating-rate notes due Jan. 14, 2021 linked to the Consumer Price Index, according to a 424B2 with the Securities and Exchange Commission.
The coupon will be 6% for the first year. After that, the rate will be equal to the CPI plus a spread of 200 basis points, up to a maximum coupon of 8%. Interest will be payable monthly and cannot be less than zero.
The payout at maturity will be par plus accrued interest.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Capped floating-rate notes
|
| Underlying index: | Consumer Price Index
|
| Amount: | $11 million
|
| Maturity: | Jan. 14, 2021
|
| Coupon: | 6% for first year; then year-over-year change in the CPI plus 200 bps, capped at 8%; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Jan. 11
|
| Settlement date: | Jan. 14
|
| Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Fees: | 2.75%
|
| Cusip: | 06048WFA3
|
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