Bank of America plans 15-year callable step-up notes on 3% start rate

By Wendy Van Sickle

Columbus, Ohio, June 15 – Bank of America Corp. plans to price callable step-up notes due June 24, 2031, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3% for the first five years, stepping up to 3% plus the spread, which will be at least 0% and will be determined at pricing, on July 24, 2021 and to 4% plus the spread on July 24, 2026. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date after one year.

BofA Merrill Lynch is the agent.

The notes will settle on June 24.

The Cusip number is 06048WSX9.

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