New Issue: BofA prices $50 million fixed-to-floaters on one-year SOFR ICE swap rate

By William Gullotti

Buffalo, N.Y., July 24 – Bank of America Corp. priced $50 million fixed-to-floating notes due Aug. 21, 2024 linked to the one-year U.S. dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 7% initially. Beginning Oct. 21, 2023, the rate will be equal to the one-year swap rate plus 40 basis points. Interest will be payable monthly and cannot be less than zero.

The payout at maturity will be par.

BofA Services, Inc. is the agent.

Issuer:	Bank of America Corp.
Issue:	Fixed-to-floating notes
Underlying rate:	One-year U.S. dollar SOFR ICE swap rate
Amount:	$50 million
Maturity:	Aug. 21, 2024
Coupon:	7% initially; beginning Oct. 21, 2023, equal to the one-year swap rate plus 40 bps, payable monthly; floating rate subject to floor of 0%
Price:	Par
Payout at maturity:	Par
Pricing date:	July 19
Settlement date:	July 21
Agent:	BofA Securities, Inc.
Fees:	0.04%
Cusip:	06055JBM0

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