Published on 2/24/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $11 million step-up callable notes with 5% start rate
By Wendy Van Sickle
Columbus, Ohio, Feb. 24 – Bank of America Corp. priced $11 million of step-up callable notes due Feb. 22, 2035, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 5% initially. It will step up to 5.3% on Feb. 22, 2027 and to 5.75% on Feb. 22, 2031. Interest will be payable semiannually.
The notes will be semiannually callable at par after two years.
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: | $11 million
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Maturity: | Feb. 22, 2035
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Coupon: | 5% initially, stepping up to 5.3% on Feb. 22, 2027 and to 5.75% on Feb. 22, 2031; 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 Feb. 22, 2025
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Pricing date: | Feb. 17
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Settlement date: | Feb. 22
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Agent: | BofA Securities, Inc.
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Fees: | 1.7%
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Cusip: | 06055JAJ8
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