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Bank of America plans step-up callable notes with 2.65% initial rate
By Angela McDaniels
Tacoma, Wash., June 6 – Bank of America Corp. plans to price step-up callable notes due June 28, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.65% in years one through four, 3% in years five through seven, 4% in years eight and nine and 5.5% in year 10. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning June 28, 2017, the notes will be callable at par on any interest payment date.
BofA Merrill Lynch is the agent.
The notes will price June 23.
The Cusip number is 06048WSV3.
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