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

By Toni Weeks

San Luis Obispo, Calif., June 16 – Bank of America Corp. plans to price step-up callable notes due June 26, 2030, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be at least 3% for the first five years, the initial rate plus 100 basis points in years six through 10 and the initial rate plus 200 bps in years 11 through 15. Interest will be payable semiannually. The exact initial coupon and subsequent coupons will be set at pricing.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning June 26, 2016.

BofA Merrill Lynch is the agent.

The notes will settle on June 26.

The Cusip number is 06048WRB8.

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