BofA to price step-up callable notes due 2029 with 3% start rate

By Wendy Van Sickle

Columbus, Ohio, July 23 – Bank of America Corp. plans to price step-up callable notes due Aug. 9, 2029, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% initially, stepping up to 3.5% on Aug. 9, 2025 and to 4.25% on Aug. 9, 2027. Interest will be payable semiannually.

Beginning Feb. 9, 2021, 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 Securities, Inc. is the agent.

The notes (Cusip: 06048WA75) will price on Aug. 7.

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