Published on 9/25/2015 in the Prospect News Structured Products Daily.
New Issue: Bank of America sells $15 million step-up callable notes with 3.5% initial rate
By Susanna Moon
Chicago, Sept. 25 – Bank of America Corp. priced $15 million of step-up callable notes due Sept. 25, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.5% for the first five years, stepping up to 4% on Sept. 25, 2020, to 4.5% on Sept. 25, 2024, to 5.5% on Sept. 25, 2027 and to 7% on Sept. 25, 2029. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after one year.
BofA Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Step-up callable notes
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Amount: | $15 million
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Maturity: | Sept. 25, 2030
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Coupon: | 3.5% for first five years, stepping up to 4% on Sept. 25, 2020, to 4.5% on Sept. 25, 2024, to 5.5% on Sept. 25, 2027 and to 7% on Sept. 25, 2029; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any interest payment date beginning Sept. 25, 2016
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Pricing date: | Sept. 23
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Settlement date: | Sept. 25
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Agent: | BofA Merrill Lynch
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Fees: | 1.75%
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Cusip: | 06048WRM4
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