Published on 3/1/2012 in the Prospect News Structured Products Daily.
New Issue: BofA prices $13.15 million step-up callables with 5.235% initial rate
By Jennifer Chiou
New York, March 1 - Bank of America Corp. priced $13,152,000 of step-up callable notes due March 1, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 5.235% for the first 10 years and 7.235% in years 11 through 15. Interest will be 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 Corp.
|
| Issue: | Step-up callable notes
|
| Amount: | $13,152,000
|
| Maturity: | March 1, 2027
|
| Coupon: | Initially 5.235%, stepping up to 7.235% on March 1, 2022; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning on March 1, 2013
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 1
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06048WKS8
|
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