By Jennifer Chiou
New York, Nov. 23 - Bank of America Corp. priced $100.5 million of step-up callable notes due Nov. 23, 2035, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5.3% for the first 10 years. It will be 6% in years 11 through 15, 7% in years 16 through 20 and 20% in years 21 through 25. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning Nov. 23, 2020, the notes will be callable at par on any interest payment date.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Step-up callable notes
|
| Amount: | $100.5 million
|
| Maturity: | Nov. 23, 2035
|
| Coupon: | 5.3% for first 10 years; 6% in years 11 through 15; 7% in years 16 through 20; and 20% in years 21 through 25; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | At par on any interest payment date beginning Nov. 23, 2020
|
| Pricing date: | Nov. 19
|
| Settlement date: | Nov. 23
|
| Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Fees: | 3%
|
| Cusip: | 06048WEK2
|
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