New Issue: BofA prices $30 million step-up callable notes with 3% initial rate

By Wendy Van Sickle

Columbus, Ohio, Oct. 24 – Bank of America Corp. priced $30 million of step-up callable notes due Oct. 23, 2034, according to a 424B2 filing with the Securities and Exchange Commission.

The initial interest rate is 3% initially, stepping up to 3.5% on Oct. 23, 2027 and to 4% on Oct. 23, 2031. Interest is payable semiannually.

The payout at maturity will be par plus any interest due.

Beginning Oct. 23, 2020, the notes are callable semiannually at par plus any unpaid interest.

BofA Securities, Inc. is the agent.

Issuer:	Bank of America Corp.
Issue:	Step-up callable notes
Amount:	$30 million
Maturity:	Oct. 23, 2034
Coupon:	3% initially, stepping up to 3.5% on Oct. 23, 2027 and to 4% on Oct. 23, 2031; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	Semiannually at par plus unpaid interest, beginning Oct. 23, 2020
Pricing date:	Oct. 21
Settlement date:	Oct. 23
Underwriter:	BofA Securities, Inc.
Fees:	1.5%
Cusip:	06048WD64

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