By Marisa Wong
Morgantown, W.Va., May 26 – Bank of America Corp. priced $15 million of step-up callable notes due May 26, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% for the first five years, stepping up to 4% for years six through 10 and to 5% for years 11 through 15. Interest is payable semiannually.
The payout at maturity will be par.
Beginning May 26, 2017, the notes will be callable at par on any interest payment date.
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: | May 26, 2031
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| Coupon: | 3% for years one through five, 4% for years six through 10 and 5% for years 11 through 15; payable semiannually
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | Beginning May 26, 2017, notes will be callable at par on any interest payment date
|
| Pricing date: | May 23
|
| Settlement date: | May 26
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.5%
|
| Cusip: | 06048WSR2
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