By Wendy Van Sickle
Columbus, Ohio, Dec. 1 – Bank of America Corp. priced $150 million of step-up callable notes due Nov. 25, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The initial interest rate is 0.65% initially, stepping up to 0.85% on Nov. 25, 2022 and to 1% Nov. 25, 2024. Interest is payable quarterly.
The payout at maturity will be par plus any interest due.
After one year, the notes are callable quarterly at par plus any unpaid interest.
BofA Securities, Inc. is the agent.
| Issuer: | Bank of America Corp.
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| Issue: | Step-up callable notes
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| Amount: | $150 million
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| Maturity: | Nov. 25, 2025
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| Coupon: | 0.65% initially, stepping up to 0.85% on Nov. 25, 2022 and to 1% Nov. 25, 2024; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | Quarterly at par plus unpaid interest, beginning after one year
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| Pricing date: | Nov. 23
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| Settlement date: | Nov. 25
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| Underwriter: | BofA Securities, Inc.
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| Fees: | 0.5%
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| Cusip: | 06048WK41
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