BofA plans 15-year step-up callable notes with 3.25% initial rate

By Susanna Moon

Chicago, Nov. 27 – Bank of America Corp. plans to price step-up callable notes due Dec. 14, 2032, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3.25% for the first six years, stepping up to 4.125% on Dec. 14, 2023, to 5% on Dec. 14, 2027, to 6% on Dec. 14, 2030 and to 7% on Dec. 14, 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 Dec. 14.

The Cusip number is 06048WVH0.

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