BofA plans 15-year step-up callable notes with 3.25%-8% coupon rates

By Susanna Moon

Chicago, Oct. 30 – Bank of America Corp. plans to price step-up callable notes due Nov. 16, 2032, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3.25% for the first seven years, stepping up to 4.5% on Nov. 16, 2024, to 6% on Nov. 16, 2029, to 6.5% on Nov. 16, 2030 and to 8% on Nov. 16, 2031. Interest is payable semiannually.

The notes will be callable at par on any interest payment date after three years.

The payout at maturity will be par.

BofA Merrill Lynch is the agent.

The notes will settle on Nov. 16.

The Cusip number is 06048WVD9.

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