Bank of America plans step-up callable notes with 5% initial rate

By Susanna Moon

Chicago, April 28 - Bank of America Corp. plans to price step-up callable notes due May 27, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be at least 5% for the first five years, 5.5% for years six through 10 and 7% thereafter until maturity. Interest is payable semiannually.

The payout at maturity will be par.

The bonds are callable in whole at par on any interest payment date beginning on May 27, 2012.

Merrill Lynch is the underwriter.

The bonds will settle on May 27.

The Cusip is 06048WGB0.

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