Published on 2/28/2018 in the Prospect News Structured Products Daily.
New Issue: BofA prices $3 million step-up callable notes with 2.65% initial rate
By Sarah Lizee
Olympia, Wash., Feb. 28 – Bank of America Corp. priced $3 million of step-up callable notes due Feb. 28, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2.65% initially, stepping up to 3% on Feb. 28, 2021, to 4% on Feb. 28, 2022 and to 5% on Feb. 28, 2023. Interest is payable semiannually.
The notes will be callable in whole at par on any interest payment date beginning on Aug. 28, 2019.
The payout at maturity will be par.
BofA Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
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Issue: | Step-up callable notes
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Amount: | $3 million
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Maturity: | Feb. 28, 2024
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Coupon: | 2.65% initially, stepping up to 3% on Feb. 28, 2021, to 4% on Feb. 28, 2022 and to 5% on Feb. 28, 2023; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par in whole on any interest payment date beginning Aug. 28, 2019
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Pricing date: | Feb. 26
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Settlement date: | Feb. 28
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Agent: | BofA Merrill Lynch
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Fees: | 0.85%
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Cusip: | 06048WVS6
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