New Issue: BofA prices $3 million step-up callable notes with 2.25% initial rate

By Wendy Van Sickle

Columbus, Ohio, Sept. 14 – Bank of America Corp. priced $3 million of step-up callable notes due Sept. 14, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 2.25% for the first three years, stepping up to 2.5% on Sept. 14, 2020, to 2.75% on March 14, 2021, to 3.25% on Sept. 14, 2021 and to 4.25% on March 14, 2022. 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.
Issue:	Step-up callable notes
Amount:	$3 million
Maturity:	Sept. 14, 2022
Coupon:	2.25% for the first three years, stepping up to 2.5% on Sept. 14, 2020, to 2.75% on March 14, 2021, to 3.25% on Sept. 14, 2021 and to 4.25% on March 14, 2022; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning Sept. 14, 2018
Pricing date:	Sept. 12
Settlement date:	Sept. 14
Underwriter:	BofA Merrill Lynch
Fees:	0.65%
Cusip:	06048WUU2

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