Bank of America to price step-up callable notes with 3.5% initial rate

By Angela McDaniels

Tacoma, Wash., May 7 – Bank of America Corp. plans to price step-up callable notes due May 30, 2029, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3.5% in years one through five, 3.75% in years six through eight and 4.25% in years nine and 10. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning Nov. 30, 2020, the notes will be callable at par on any interest payment date.

BofA Merrill Lynch is the underwriter.

The notes will price May 28.

The Cusip number is 06048WZR4.

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