Published on 5/3/2017 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.5 million step-up callable notes with 3% initial rate
By Susanna Moon
Chicago, May 3 – Bank of America Corp. priced $2.5 million of step-up callable notes due April 28, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first four years, stepping up to 3.25% on April 28, 2021, to 3.75% on April 28, 2024, to 4.5% on April 28, 2026, to 5.5% on April 28, 2027 and to 6.5% on April 28, 2028. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after one year.
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: | $2.5 million
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Maturity: | April 28, 2029
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Coupon: | 3% initially, stepping up to 3.25% on April 28, 2021, to 3.75% on April 28, 2024, to 4.5% on April 28, 2026, to 5.5% on April 28, 2027 and to 6.5% on April 28, 2028; 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 beginning April 28, 2018
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Pricing date: | April 26
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Settlement date: | April 28
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Underwriter: | BofA Merrill Lynch
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Fees: | 1.5%
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Cusip: | 06048WUH1
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