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Bank of America to price 15-year dual range accrual notes linked to six-month Libor, S&P 500 index
By Toni Weeks
San Diego, Aug. 9 - Bank of America Corp. plans to price callable dual range accrual notes due Aug. 24, 2026 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 8% for the first year. After that, it will be 8% per year multiplied by the proportion of days on which six-month Libor is 6.5% or less and the S&P 500 is at or above 950. Interest will be payable quarterly.
The payout at maturity will be par of $10.
The notes will be callable at par on any interest payment date after one year.
The notes (Cusip: 06048WHG8) are expected to settle Aug. 24.
Bank of America Merrill Lynch is the agent.
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