By Toni Weeks
San Diego, Oct. 31 - Bank of America Corp. priced $17 million of step-up callable notes due Oct. 29, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate in years one through four is 5%. It will be 6.25% in years five through eight and 8.25% in years nine and 10. Interest is payable semiannually.
The payout at maturity will be par.
Beginning a year after issuance, the notes will be callable at par on any interest payment date.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America
|
| Issue: | Callable step-up notes
|
| Amount: | $17 million
|
| Maturity: | Oct. 29, 2021
|
| Coupon: | Initially 5%, stepping up to 6.25% on Oct. 31, 2015 and to 8.25% on Oct. 31, 2019; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning Oct. 31, 2012
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 31
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06048WHZ6
|
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