Bank of America plans step-up callable notes with 3% initial rate

By Marisa Wong

Morgantown, W.Va., March 23 – Bank of America Corp. plans to price step-up callable notes due March 24, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3% initially, stepping up to 3.5% in year five, 4% in year seven and 7% for the final year.

The payout at maturity will be par.

The notes will be callable in whole at par on any interest payment date beginning March 24, 2019.

BofA Merrill Lynch is the underwriter.

The notes will settle on March 24.

The Cusip number is 06048WUD0.

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