Published on 6/16/2022 in the Prospect News Structured Products Daily.
New Issue: BofA prices $7 million step-up callable notes with 4% initial rate
By Wendy Van Sickle
Columbus, Ohio, June 16 – Bank of America Corp. priced $7 million of step-up callable notes due June 15, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
The initial interest rate is 4% initially, stepping up to 4.5% on June 15, 2025, to 5% on June 15, 2027 and to 6% on June 15, 2028. Interest is payable semiannually.
The payout at maturity will be par plus any interest due.
The notes are callable semiannually 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: | $7 million
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Maturity: | June 15, 2029
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Coupon: | 4% initially, stepping up to 4.5% on June 15, 2025, to 5% on June 15, 2027 and to 6% on June 15, 2028, payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | Semiannually at par plus unpaid interest
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Pricing date: | June 13
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Settlement date: | June 15
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Underwriter: | BofA Securities, Inc.
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Fees: | 1.15%
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Cusip: | 06048WW55
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