Summary by Futu AI
Bank of America Corporation (BAC) has announced the issuance of Capped Floating Rate Notes Linked to Compounded SOFR, due June 23, 2034. These senior unsecured debt securities are not FDIC insured, not bank guaranteed, and may lose value. The notes, bearing CUSIP number 06055JFD6, are expected to price on June 21, 2024, and will mature on June 23, 2034. Interest payments are scheduled quarterly starting September 25, 2024, with a floating interest rate of Compounded SOFR plus 1.45%, subject to a minimum of 0.00% and a cap of 6.75% per annum. The notes will be issued in minimum denominations of $1,000 and will not be listed on any securities exchange. The offering is subject to credit risk and is not an offer in any jurisdiction where it is not permitted. The notes will be delivered in book-entry form through The Depository Trust Company on or about June 25, 2024, against payment in immediately available funds. Potential investors are advised to consider the 'Risk Factors' section in the pricing supplement before making an investment decision.