Published on 9/20/2019 in the Prospect News Structured Products Daily.
New Issue: BofA prices $12 million step-up callable notes with 3% initial rate
By Wendy Van Sickle
Columbus, Ohio, Sept. 20 – Bank of America Corp. priced $12 million of step-up callable notes due Sept. 19, 2039, according to a 424B2 filing with the Securities and Exchange Commission.
The initial interest rate is 3% initially, stepping up to 3.5% on Sept. 19, 2022 and to 4% on Sept. 19, 2037. Interest is payable semiannually.
The payout at maturity will be par plus any interest due.
Beginning Sept. 19, 2020, the notes are callable semiannually at par plus any unpaid interest.
BofA Securities, Inc. is the agent.
Issuer: | Bank of America Corp.
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Issue: | Step-up callable notes
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Amount: | $12 million
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Maturity: | Sept. 19, 2039
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Coupon: | 3% initially, stepping up to 3.5% on Sept. 19, 2022 and to 4% on Sept. 19, 2037; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | Semiannually at par plus unpaid interest, beginning Sept. 19, 2020
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Pricing date: | Sept. 17
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Settlement date: | Sept. 19
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Underwriter: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 06048WC57
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