New Issue: Bank of America prices $95 million 25-year step-up notes with 5% initial interest rate

By Angela McDaniels

Tacoma, Wash., Sept. 27 - Bank of America Corp. priced $95 million of step-up callable notes due Sept. 28, 2035 on Thursday, according to a 424B2 filed with the Securities and Exchange Commission on Monday.

The interest rate is 5% in years one through seven, 6% in years eight through 14, 7% in years 15 through 21 and 10% in years 22 through 25.

Beginning Sept. 28, 2014, the notes are callable at par on any semiannual interest payment date.

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

Issuer:	Bank of America Corp.
Issue:	Step-up callable notes
Amount:	$95 million
Maturity:	Sept. 28, 2035
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Coupon:	5% in years one through seven, 6% in years eight through 14, 7% in years 15 through 21 and 10% in years 22 through 25
Price:	Par
Call option:	At par on interest payment dates from Sept. 28, 2014 onward
Pricing date:	Sept. 23
Settlement date:	Sept. 28

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