Bank of America plans step-up callable notes with 5.25% initial rate

By Jennifer Chiou

New York, Dec. 8 - Bank of America Corp. plans to price step-up callable notes due Dec. 28, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is expected to be at least 5.25% for the first five years. It will be 6% in years six through 10 and 7% in years 11 through 15. The exact initial rate will be set at pricing. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning in December 2011, the notes will be callable at par on any interest payment date.

The notes (Cusip: 06048WEV8) will price in December and settle on Dec. 28.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

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