Bank of America Corp. plans to sell $460 million of securities backed by commercial real estate without relying on a US program to aid lending, three days after the first sale of the debt in more than a year.
Backed by mortgages on office and industrial properties in Florida, the bonds are split into four portions, the largest of which is $350 million of top-rated debt, according to people familiar with the matter. Fortress Investment Group LLC is the sponsor on the transaction.
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