Bank of America to sell step-up callable notes with 2.5% initial rate

By Devika Patel

Knoxville, Tenn., Sept. 20 – Bank of America Corp. plans to price step-up callable notes due Sept. 28, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2.5% in years one through six, stepping up to 3.25% in years seven through nine and to 4.5% in year 10. Interest will be payable semiannually.

The payout at maturity will be par of $1,000.

Beginning Sept. 28, 2018, the notes will be callable in whole but not in part at par on any interest payment date, except for the maturity date.

BofA Merrill Lynch is the agent.

The notes (Cusip: 06048WTM2) will settle on Sept. 28.

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