New Issue: Bank of America prices $8.3 million step-up callable notes with 3% initial rate

By Angela McDaniels

Tacoma, Wash., May 6 – Bank of America Corp. priced $8.3 million of step-up callable notes due May 6, 2031, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3% in years one through five, 3.59% in years six through nine, 4.59% in years 10 through 12, 5.09% in years 13 and 14 and 5.84% in year 15. Interest is payable semiannually.

The payout at maturity will be par.

Beginning May 6, 2017, the notes will be callable at par on any interest payment date.

BofA Merrill Lynch is the agent.

Issuer:	Bank of America Corp.
Issue:	Step-up callable notes
Amount:	$8,296,000
Maturity:	May 6, 2031
Coupon:	3% in years one through five, 3.59% in years six through nine, 4.59% in years 10 through 12, 5.09% in years 13 and 14 and 5.84% in year 15; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	Beginning May 6, 2017, notes will be callable at par on any interest payment date
Pricing date:	May 4
Settlement date:	May 6
Agent:	BofA Merrill Lynch
Fees:	1.75%
Cusip:	06048WSQ4

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