By Susanna Moon
Chicago, March 29 - Bank of America Corp. priced $36 million of step-up callable notes due March 29, 2041, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 5.5% for the first 10 years. After that, the rate will step up to 6% through year 20 and then 7.75% thereafter until maturity. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning on March 29, 2016.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Step-up callable notes
|
| Amount: | $36 million
|
| Maturity: | March 29, 2041
|
| Coupon: | 5.5% for 10 years, stepping up to 6% on March 29, 2021 and 7.75% on March 29, 2031; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | At par on any interest payment date after five years
|
| Pricing date: | March 25
|
| Settlement date: | March 29
|
| Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Fees: | 3.25%
|
| Cusip: | 06048WFQ8
|
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