New Issue: Bank of America prices $3.36 million callable step-up notes with 4.56% initial rate

By Toni Weeks

San Diego, Oct. 31 - Bank of America Corp. priced $3.36 million of step-up callable notes due Oct. 31, 2017, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 4.56% in the first year, 5.06% in the second year, 5.56% in the third year, 6.06% in the fourth year, 6.56% in the fifth year and 7.06% in the sixth year. Interest is payable quarterly.

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:	$3,357,000
Maturity:	Oct. 31, 2017
Coupon:	Initially 4.56%, stepping up to 5.06% on Oct. 31, 2012, to 5.56% on Oct. 31, 2013, to 6.06% on Oct. 31, 2014, to 6.56% on Oct. 31, 2015 and to 7.06% on Oct. 31, 2016; payable quarterly
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:	1%
Cusip:	06048WHV5

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