Published on 2/13/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $20 million floating-rate notes tied to one-year SOFR ICE swap rate
By William Gullotti
Buffalo, N.Y., Feb. 13 – Bank of America Corp. priced $20 million of floating-rate notes due March 12, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be equal to the one-year U.S. dollar SOFR ICE swap rate plus 76 basis points. Interest will be payable monthly and cannot be less than 0%.
The payout at maturity will be par.
BofA Securities, Inc. is the agent.
| Issuer: | Bank of America Corp.
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| Issue: | Floating-rate notes
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| Underlying rate: | One-year U.S. dollar SOFR ICE swap rate
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| Amount: | $20 million
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| Maturity: | March 12, 2025
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| Coupon: | One-year U.S. dollar SOFR ICE swap rate plus 76 bps, floor of 0%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Feb. 8
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| Settlement date: | Feb. 12
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.125%
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| Cusip: | 06055JDH9
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