By Angela McDaniels
Tacoma, Wash., Aug. 27 – Bank of America Corp. priced $25 million of step-up callable notes due Aug. 27, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
The annual interest rate is 2.25% for the first year, 2.5% from Aug. 27, 2020 to but excluding Feb. 27, 2022 and 2.75% from Feb. 27, 2022 to but excluding Aug. 27, 2022. Interest is payable semiannually.
The payout at maturity will be par.
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: | $25 million
|
| Maturity: | Aug. 27, 2022
|
| Coupon: | 2.25% for first year, 2.5% from Aug. 27, 2020 to but excluding Feb. 27, 2022 and 2.75% from Feb. 27, 2022 to but excluding Aug. 27, 2022; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date
|
| Pricing date: | Aug. 23
|
| Settlement date: | Aug. 27
|
| Underwriter: | BofA Securities Inc.
|
| Fees: | 0.3%
|
| Cusip: | 06048WC24
|
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