Bank of America plans step-up callable notes with 3.25% initial rate

By Toni Weeks

San Luis Obispo, Calif., Aug. 4 – Bank of America Corp. plans to price step-up callable notes due Aug. 28, 2030, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3.25% during the first five years, 4.5% in years six through 10 and 6% in years 11 through 15. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning Aug. 28, 2016, the notes will be callable at par on any interest payment date.

BofA Merrill Lynch is the agent.

The notes will price Aug. 25 and settle Aug. 28.

The Cusip number is 06048WRG7.

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