Bank of America FDIC-backed bond offer to total $9 bln
NEW YORK, Dec 1 (Reuters) - Bank of America (BAC.N) is planning later Monday to sell $9 billion of debt in a four-part deal backed by the Federal Deposit Insurance Corp, according to IFR.
The bank will offer $6.75 billion of 3.5-year fixed-rate notes expected to price at a yield spread of midswaps plus 83 points, said IFR, a service of Thomson Reuters.
The bank will sell $1 billion of 2-year floating-rate notes at the 3-month London interbank offered rate plus 50 basis points, $750 million of 3-year quarterly floating-rate notes at 3-month Libor plus 82 basis points and $500 million of 3-year monthly floating-rate notes at one-month Libor plus 76 basis points.
Bank of America is managing the deal itself, with the full backing of the U.S. government's Temporary Liquidity Guarantee Program. (Reporting by Ciara Linnane; Editing by Dan Grebler)
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