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Bank of America plans callable step-up notes with 3% initial rate
By Toni Weeks
San Luis Obispo, Calif., July 16 – Bank of America Corp. plans to price callable step-up notes due July 31, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be at least 3% for the first three years, with the exact initial starting rate to be determined at pricing. After that the rate will step up to the initial rate plus 37.5 basis points on July 31, 2018, to the initial rate plus 112.5 bps on July 31, 2021, to the initial rate plus 187.5 bps on July 31, 2024 and to the initial rate plus 287.5 bps on July 31 2027. 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 July 31, 2016.
The notes will price on July 28 and settle on July 31.
The Cusip number is 06048WRC6.
BofA Merrill Lynch is the agent.
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