Bank of America plans step-up callable notes with 3% initial rate

By Toni Weeks

San Luis Obispo, Calif., April 27 – Bank of America Corp. plans to price step-up callable notes due April 30, 2030, according to a 424B8 filing with the Securities and Exchange Commission.

The coupon will be 3% for the first five years, 4% in years six through 10 and 5% in years 11 through 15.

The payout at maturity will be par.

The notes will be callable on any interest payment date beginning April 30, 2016.

BofA Merrill Lynch is the underwriter.

The notes (Cusip: 06048WQR4) will settle on April 30.

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