New Issue: Bank of America sells $12 million step-up callable notes with 3% initial rate

By Sarah Lizee

Olympia, Wash., March 27 – Bank of America Corp. priced $12 million of step-up callable notes due March 27, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3% initially, stepping up to 3.5% on March 27, 2021, to 4% on March 27, 2022 and to 4.5% on March 27, 2023. Interest is payable quarterly.

The payout at maturity will be par.

Beginning March 27, 2020, the notes will be callable at par on any interest payment date.

BofA Merrill Lynch is the underwriter.

Issuer:	Bank of America Corp.
Issue:	Step-up callable notes
Amount:	$12 million
Maturity:	March 27, 2024
Coupon:	3% initially, stepping up to 3.5% on March 27, 2021, to 4% on March 27, 2022 and to 4.5% on March 27, 2023; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	Beginning March 27, 2020, notes will be callable at par on any interest payment date
Pricing date:	March 25
Settlement date:	March 27
Underwriter:	BofA Merrill Lynch
Fees:	0.4%
Cusip:	06048WZM5

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