Bank of America to sell step-up callable notes with 2.75% initial rate

By Devika Patel

Knoxville, Tenn., Oct. 21 – Bank of America Corp. plans to price step-up callable notes due Oct. 28, 2031, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will accrue at the initial rate of at least 2.75% in years one through five, stepping up to the initial rate plus 0.375% in years six through 10, to the initial rate plus 0.75% in years 11 and 12, to the initial rate plus 1% in years 13 and 14 and to the initial rate plus 2% in year 15. Interest will be payable semiannually and the exact rate will be set at pricing.

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

Beginning Oct. 28, 2017, the notes will be callable at par in whole but not in part at par on any interest payment date, except for the maturity date.

Merrill Lynch & Co. is the agent.

The Cusip is 06048WTQ3.

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