New Issue: BofA prices $1.91 million step-up callable notes with 4% initial rate

By Sarah Lizee

Olympia, Wash., June 20 – Bank of America Corp. priced $1.91 million of step-up callable notes due June 21, 2038, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 4% initially, stepping up to 5.5% on June 21, 2026, to 6% on June 21, 2030, to 7% on June 21, 2034 and to 7.25% on June 21, 2037. Interest is payable semiannually.

The notes are callable in whole at par on each interest payment date beginning on June 21, 2022.

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

BofA Merrill Lynch is the agent.

Issuer:	Bank of America Corp.
Issue:	Step-up callable notes
Amount:	$1,913,000
Maturity:	June 21, 2038
Coupon:	4% initially, stepping up to 5.5% on June 21, 2026, to 6% on June 21, 2030, to 7% on June 21, 2034 and to 7.25% on June 21, 2037; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	In whole at par semiannually beginning on June 21, 2022
Pricing date:	June 19
Settlement date:	June 21
Underwriter:	BofA Merrill Lynch
Fees:	2.14%
Cusip:	06048WWS5

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.