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

By Susanna Moon

Chicago, Nov. 9 - Bank of America Corp. plans to price step-up callable notes due Nov. 23, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 5.25% for the first four years and will step up by 50 basis points for years five through seven and by 150 bps for years eight and nine. Interest is payable semiannually.

The notes are callable at par on any interest payment date beginning May 23, 2012.

The payout at maturity will be par.

Bank of America Merrill Lynch is the agent.

The notes will settle on Nov. 23.

The Cusip number is 06048WJE1.

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