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Bank of America to price step-up callable notes with 3% initial rate
By Marisa Wong
Morgantown, W.Va., March 9 – Bank of America Corp. plans to price step-up callable notes due March 17, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be at least 3% in years one through five, stepping up by 75 basis points for years six through 10, by 150 bps for years 11 through 13 and by 250 bps for years 14 and 15. Interest will be payable semiannually.
The payout at maturity will be par of $1,000.
Beginning March 17, 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 will settle March 17.
The Cusip number is 06048WSK7.
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