Bank of America to price step-up callable notes with 4% initial rate

By Devika Patel

Knoxville, Tenn., Feb. 18 – Bank of America Corp. plans to price step-up callable notes due March 15, 2036, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 4% in years one through seven, 4.5% in years eight through 14, 5% in years 15 through 18, 7% in year 19 and 8% in year 20. Interest will be payable semiannually.

The payout at maturity will be par of $1,000.

Beginning March 15, 2017, the notes will be callable in whole but not in part at par on any interest payment date.

BofA Merrill Lynch is the agent.

The notes (Cusip: 06048WSH4) will settle on March 15.

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