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Bank of America plans to price callable step-up notes due 2021
By Angela McDaniels
Tacoma, Wash., Oct. 19 - Bank of America Corp. plans to price step-up callable notes due Oct. 29, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate in years one through four will be 5%. It will be at least 6.25% in years five through eight. The interest rate in years nine and 10 will be 200 basis points greater than the rate in years five through eight. The exact interest rates will be set at pricing.
Interest will be payable semiannually.
The payout at maturity will be par.
Beginning a year after issuance, the notes will be callable at par on any interest payment date.
The notes (Cusip: 06048WHZ6) are expected to settle on Oct. 31.
Bank of America Merrill Lynch is the agent.
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