BofA to price 10-year callable capped notes tied to ICE swap rates

By Marisa Wong

Morgantown, W.Va., July 18 – BofA Finance, LLC plans to price issuer callable capped notes due July 23, 2028 linked to the difference between the 30-year U.S. dollar ICE swap rate and the two-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Bank of America Corp.

The interest rate will be fixed at 7% initially. Beginning July 23, 2019, the interest rate will be 17 times the spread of the 30-year swap rate over the two-year swap rate, subject to a maximum interest rate of 10% per year and a minimum rate of zero. Interest will be payable quarterly.

Beginning July 23, 2019, the notes will be callable in whole at par on any quarterly call date.

The payout at maturity will be par.

BofA Merrill Lynch is the agent.

The notes will price on July 19.

The Cusip number is 09709TFQ9.

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