New Issue: Bank of America prices $8.5 million step-up callable notes with 1% initial rate

By Angela McDaniels

Tacoma, Wash., Sept. 1 – Bank of America Corp. priced $8.5 million of step-up callable notes due Aug. 28, 2018, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 1% in quarters one through six, 1.5% in quarter seven, 2% in quarter eight, 3% in quarter nine, 3.5% in quarter 10, 4.5% in quarter 11 and 6% in quarter 12. Interest is payable quarterly.

The payout at maturity will be par.

Beginning Feb. 28, 2016, the notes will be callable at par on any interest payment date.

BofA Merrill Lynch is the agent.

Issuer:	Bank of America Corp.
Issue:	Step-up callable notes
Amount:	$8.5 million
Maturity:	Aug. 28, 2018
Coupon:	1% in quarters one through six, 1.5% in quarter seven, 2% in quarter eight, 3% in quarter nine, 3.5% in quarter 10, 4.5% in quarter 11 and 6% in quarter 12; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	Beginning Feb. 28, 2016, notes will be callable at par on any interest payment date
Pricing date:	Aug. 26
Settlement date:	Aug. 28
Agent:	BofA Merrill Lynch
Fees:	0.46765%
Cusip:	06048WRJ1

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.