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

By Toni Weeks

San Diego, March 13 - Bank of America Corp. plans to price step-up callable notes due March 19, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 5% for the first five years. It will step up to 5.5% on March 19, 2017, to 6% on March 19, 2022, to 7% on March 19, 2025 and to 8% on March 19, 2026.

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.

The notes (Cusip: 06048WLD0) are expected to settle March 19.

Bank of America Merrill Lynch is the agent.

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