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Bank of America plans step-up callable notes with 6% initial rate
By Susanna Moon
Chicago, Dec. 6 - Bank of America Corp. plans to price step-up callable notes due Dec. 21, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 6% for the first five years, stepping up to 7.5% for years six through 10 and to 10% for years 11 through 15. Interest is payable semiannually.
The notes are callable at par on any interest payment date beginning on Dec. 21, 2012.
The payout at maturity will be par.
Bank of America Merrill Lynch is the agent.
The notes will settle on Dec. 21.
The Cusip is 06048WJT8.
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