By Wendy Van Sickle
Columbus, Ohio, Jan. 24 – Bank of America Corp. priced $50 million of step-up callable notes due Jan. 23, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2.25% initially and steps up to 2.5% on Jan. 23, 2022 and to 3% on Jan. 23, 2024. Interest is payable semiannually.
The payout at maturity will be par plus any interest due.
Beginning Jan. 23, 2021, 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: | $50 million
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Maturity: | Jan. 23, 2025
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Coupon: | 2.25% initially and steps up to 2.5% on Jan. 23, 2022 and to 3% on Jan. 23, 2024; 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 Jan. 23, 2021
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Pricing date: | Jan. 17
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Settlement date: | Jan. 23
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Underwriter: | BofA Securities, Inc.
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Fees: | 0.4%
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Cusip: | 06048WG79
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