Bank of America plans step-up callable notes with 5.125% initial rate

By Jennifer Chiou

New York, April 12 - Bank of America Corp. plans to price step-up callable notes due April 24, 2032, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 5.125% for the first five years, stepping up to 5.875% for years six to 10, to 6% for years 11 to 15, 8% for years 16 and 17 and to 10% for years 18 to 20. 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 April 24, 2013.

The notes (Cusip: 06048WLR9) will settle on April 24.

Bank of America Merrill Lynch is the agent.

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