By Devika Patel
Knoxville, Tenn., Dec. 29 – Bank of America Corp. priced $5 million of step-up callable notes due Dec. 28, 2036, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.5% for years one through five, stepping up to 4% in six through 10, to 4.5% in years 11 through 15, to 5% in years 16 through 18 and to 7% in years 19 through 20. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date, other than the final one, beginning Dec. 28, 2020.
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: | $5 million
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Maturity: | Dec. 28, 2036
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Coupon: | 3.5% initially, stepping up to 4% in six through 10, to 4.5% in years 11 through 15, to 5% in years 16 through 18 and to 7% in years 19 through 20; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any interest payment date, other than the final one, beginning Dec. 28, 2020
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Settlement date: | Dec. 28
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Underwriter: | BofA Merrill Lynch
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Fees: | 2.75%
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Cusip: | 06048WTW0
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