New Issue: BofA prices $10 million step-up callable notes with 4% start rate

By Sarah Lizee

Olympia, Wash., Aug. 29 – Bank of America Corp. priced $10 million of step-up callable notes due Aug. 28, 2030, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 4% initially, stepping up to 4.5% on Aug. 28, 2023, to 5% on Aug. 28, 2026, to 6% on Aug. 28, 2028 and to 6.5% on Aug. 28, 2029. Interest is payable semiannually.

The notes are callable in whole at par on each interest payment date beginning on Aug. 28, 2020.

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:	$10 million
Maturity:	Aug. 28, 2030
Coupon:	4% initially, stepping up to 4.5% on Aug. 28, 2023, to 5% on Aug. 28, 2026, to 6% on Aug. 28, 2028 and to 6.5% on Aug. 28, 2029; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	In whole at par semiannually beginning Aug. 28, 2020
Pricing date:	Aug. 24
Settlement date:	Aug. 28
Underwriter:	BofA Merrill Lynch
Fees:	1.555%
Cusip:	06048WXD7

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