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BofA to price step-up callable notes due 2039 with 4% start rate
By Sarah Lizee
Olympia, Wash., May 23 – Bank of America Corp. plans to price step-up callable notes due May 29, 2039, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 4% initially, stepping up to 4.75% on May 29, 2034. Interest will be payable semiannually.
Beginning May 29, 2022, the notes will be callable in whole but not in part at par plus interest on any interest payment date, except for the maturity date.
The payout at maturity will be par plus interest.
BofA Merrill Lynch is the agent.
The notes (Cusip: 06048WZU7) will settle on May 29.
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