New Issue: BofA prices $1 million capped fixed-to-floaters linked to SOFR

Chicago, June 2 – Bank of America Corp. priced $1 million of capped fixed- to floating-rate notes due Nov. 17, 2031 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2.15% initially, payable quarterly for the first two years. Beginning Nov. 17, 2023, the interest rate will be equal to SOFR, capped at 5% and with a floor of 1.5%. Interest will be payable quarterly.

The payout at maturity will be par.

BofA Securities, Inc. is the agent.

Issuer:	Bank of America Corp.
Issue:	Capped fixed- to floating-rate notes
Underlying rate:	SOFR
Amount:	$1,000,000
Maturity:	Nov. 17, 2031
Coupon:	2.15% initially, payable quarterly; beginning Nov. 17, 2023, SOFR, capped at 5% and with a floor of 1.5%
Price:	Par
Payout at maturity:	Par
Pricing date:	Nov. 15, 2021
Settlement date:	Nov. 17, 2021
Agent:	BofA Securities, Inc.
Fees:	1%
Cusip:	06048WP95

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