By Susanna Moon
Chicago, April 27 - Bank of America Corp. priced $20 million of callable step-down step-up notes due April 30, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 8% for the first year, stepping down to 7% for year two, to 6% for years three to four, to 5% for years five to 16, and then stepping back up to 6% for years 17 to 18, to 7% for year 19 and to 8% after that until maturity. 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 agent.
| Issuer: | Bank of America Corp
|
| Issue: | Callable step-down step-up notes
|
| Amount: | $20 million
|
| Maturity: | April 30, 2032
|
| Coupon: | 8% initially, stepping down to 7% in year two, to 6% in year three, to 5% in year five, then stepping up to 6% in year 17, to 7% in year 19 and to 8% in year 20; payable semiannually
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning April 30, 2013
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 4.5%
|
| Cusip: | 06048WLU2
|
© 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.
