Bank of America plans step-up callable notes with 3.125% initial rate

By Susanna Moon

Chicago, June 1 – Bank of America Corp. plans to price step-up callable notes due June 16, 2031, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3.125% for the first five years, stepping up to 3.75% for years six through nine, to 4% for years 10 through 12, to 4.75% for years 13 through 14 and to 6% after that. Interest will be payable semiannually.

The notes will be callable in whole but not in part at par on any interest payment date beginning June 16, 2019.

The payout at maturity will be par.

BofA Merrill Lynch is the agent.

The notes will settle on June 16.

The Cusip number is 06048WSU5.

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