New Issue: Bank of America prices $5 million step-up callable notes with 2.4% initial rate

By Sarah Lizee

Olympia, Wash., Aug. 5 – Bank of America Corp. priced $5 million of step-up callable notes due July 30, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 2.4% initially, stepping up to 2.75% on July 30, 2021 and 3% on Jan. 30, 2022. Interest is payable semiannually.

The payout at maturity will be par.

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

BofA Securities Inc. is the underwriter.

Issuer:	Bank of America Corp.
Issue:	Step-up callable notes
Amount:	$5 million
Maturity:	July 30, 2022
Coupon:	2.4% initially, stepping up to 2.75% on July 30, 2021 and 3% on Jan. 30, 2022; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	Beginning July 30, 2020, notes will be callable at par on any interest payment date
Pricing date:	July 26
Settlement date:	July 30
Underwriter:	BofA Securities Inc.
Fees:	0.1%
Cusip:	06048WA91

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