New Issue: BofA sells $2.5 million step-up callable notes with 3.25%-7% coupon rates

By Susanna Moon

Chicago, Dec. 26 – Bank of America Corp. priced $2.5 million of 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.

Issuer:	Bank of America Corp.
Issue:	Step-up callable notes
Amount:	$2.5 million
Maturity:	Dec. 14, 2032
Coupon:	3.25% initially, 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; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning Dec. 14, 2020
Pricing date:	Dec. 12
Settlement date:	Dec. 14
Agent:	BofA Merrill Lynch
Fees:	2%
Cusip:	06048WVH0

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