Bank of America plans step-up callable notes with 4.5% initial rate

By Marisa Wong

Madison, Wis., April 27 - Bank of America Corp. plans to price step-up callable notes due May 11, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 4.5% for the first four years, stepping up to 5% for years five to seven, to 5.5% for years eight and nine and to 6% for year 10. 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 May 11, 2013.

The notes (Cusip: 06048WMD9) will settle on May 11.

Bank of America Merrill Lynch is the agent.

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