Published on 9/20/2022 in the Prospect News Structured Products Daily.
New Issue: BofA prices $8 million step-up callable notes with 4.5% start rate
By Wendy Van Sickle
Columbus, Ohio, Sept. 20 – Bank of America Corp. priced $8 million of step-up callable notes due Sept. 16, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4.5% for the two years. After that, it will step up to 5% on Sept. 16, 2024 and to 6% on Sept. 16, 2025. Interest will be payable semiannually.
The notes will be callable at par starting Sept. 16, 2023.
The payout at maturity will be par.
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: | $8 million
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Maturity: | Sept. 16, 2026
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Coupon: | 4.5% initially, stepping up to 5% on Sept. 16, 2024, to 6% on Sept. 16, 2025; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any semiannual review date beginning Sept. 16, 2023
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Pricing date: | Aug. 30
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Settlement date: | Sept. 1
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Agent: | BofA Securities, Inc.
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Fees: | 0.4%
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Cusip: | 06048WY38
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