By Susanna Moon
Chicago, Nov. 21 - Bank of America Corp. priced $15.5 million of step-up callable notes due Nov. 23, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 6% for the first eight years, 7% in years nine through 12 and 8% after that until maturity. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after six months.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America
|
| Issue: | Callable step-up notes
|
| Amount: | $15.5 million
|
| Maturity: | Nov. 23, 2026
|
| Coupon: | 6% initially, stepping up to 7% in year nine and 8% in year 13; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning May 23, 2012
|
| Pricing date: | Nov. 17
|
| Settlement date: | Nov. 23
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 2.5%
|
| Cusip: | 06048WJG6
|
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