Bank of America plans step-up callable notes with 4.2% initial rate

By Susanna Moon

Chicago, Oct. 17 - Bank of America Corp. plans to price step-up callable notes due Oct. 31, 2014, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 4.2% for the first two years and will step up to 6% for the third year. Interest is payable quarterly.

The notes are callable at par on any interest payment date for one year beginning Oct. 31, 2012.

The payout at maturity will be par.

Bank of America Merrill Lynch is the agent.

The notes will settle on Oct. 31.

The Cusip is 06048WHY9.

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