By Angela McDaniels
Tacoma, Wash., Aug. 1 – Bank of America Corp. priced $10 million of step-up callable notes due July 29, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% in years one through eight, 3.5% in years nine through 12, 4% in years 13 and 14 and 5% in year 15. Interest is payable semiannually.
The payout at maturity will be par.
Beginning July 29, 2019, the notes will be callable at par on any interest payment date.
BofA Merrill Lynch is the underwriter.
| Issuer: | Bank of America Corp.
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| Issue: | Step-up callable notes
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| Amount: | $10 million
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| Maturity: | July 29, 2031
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| Coupon: | 3% in years one through eight, 3.5% in years nine through 12, 4% in years 13 and 14 and 5% in year 15; payable semiannually
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | Beginning July 29, 2019, notes will be callable at par on any interest payment date
|
| Pricing date: | July 27
|
| Settlement date: | July 29
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06048WSY7
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