BofA to price step-up callable notes due 2030 with 4% initial rate

By Sarah Lizee

Olympia, Wash., June 6 – Bank of America Corp. plans to price step-up callable notes due June 26, 2030, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 4% initially, stepping up to 4.5% on June 26, 2023, to 5% on June 26, 2027, to 6% on June 26, 2028 and to 6.5% on June 26, 2029. Interest is payable semiannually.

The notes are callable in whole at par on each interest payment date beginning on June 26, 2021.

The payout at maturity will be par plus any accrued interest.

BofA Merrill Lynch is the agent.

The notes will settle on June 26.

The Cusip number is 06048WWV8.

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