By Susanna Moon
Chicago, March 16 - Bank of America Corp. priced $20 million of callable step-up notes due March 19, 2027, according to a filing with the Securities and Exchange Commission.
The coupon is 5% for the first five years, stepping up to 5.5% in year 6, to 6% in year 11, to 7% in year 14 and to 8% in year 15. 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 underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Callable step-up notes
|
| Amount: | $20 million
|
| Maturity: | March 19, 2027
|
| Coupon: | 5% initially, stepping to 5.5% in year 6, to 6% in year 11, to 7% in year 14 and to 8% in year 15; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning March 19, 2013
|
| Pricing date: | March 14
|
| Settlement date: | March 19
|
| Underwriter: | Bank of America Merrill Lynch
|
| Fees: | 3.41%
|
| Cusip: | 06048WLD0
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
