By Susanna Moon
Chicago, Dec. 20 - Bank of America Corp. priced $35.5 million of 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, 7.5% for years six through 10 and 10% 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 one year.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America
|
| Issue: | Callable step-up notes
|
| Amount: | $35.5 million
|
| Maturity: | Dec. 21, 2026
|
| Coupon: | 6% initially, stepping up to 7.5% in year six and 10% in year 11; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning on Dec. 21, 2012
|
| Pricing date: | Dec. 16
|
| Settlement date: | Dec. 21
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 2.5%
|
| Cusip: | 06048WJT8
|
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