New Issue: Bank of America prices $5 million step-up callable notes with 2.5% initial rate

By Toni Weeks

San Luis Obispo, Calif., June 26 – Bank of America Corp. priced $5 million of step-up callable notes due June 26, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 2.5% in years one through four, 3% in year five, 3.5% in year six, 4.5% in year seven and 6% in year eight. Interest is payable semiannually.

The payout at maturity will be par.

Beginning June 26, 2017, the notes will be callable at par on any interest payment date.

BofA Merrill Lynch is the agent.

Issuer:	Bank of America Corp.
Issue:	Step-up callable notes
Amount:	$5 million
Maturity:	June 26, 2023
Coupon:	2.5% initially, stepping up to 3% on June 26, 2019, to 3.5% on June 26, 2020, to 4.5% on June 26, 2021 and to 6% on June 26, 2022; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	Beginning June 26, 2017, notes will be callable at par on any interest payment date
Pricing date:	June 24
Settlement date:	June 26
Agent:	BofA Merrill Lynch
Fees:	1.4%
Cusip:	06048WQZ6

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