Published on 3/28/2017 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.5 million step-up callable notes with 3% initial rate
By Susanna Moon
Chicago, March 28 – Bank of America Corp. priced $2.5 million of step-up callable notes due March 24, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first five years, stepping up to 3.5% on March 24, 2022, to 4% on March 24, 2024 and to 7% on March 24, 2026. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after two years.
BofA Merrill Lynch is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Step-up callable notes
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Amount: | $2.5 million
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Maturity: | March 24, 2027
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Coupon: | 3% initially, stepping up to 3.5% on March 24, 2022, to 4% on March 24, 2024 and to 7% on March 24, 2026; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any interest payment date beginning March 24, 2019
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Pricing date: | March 22
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Settlement date: | March 24
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Underwriter: | BofA Merrill Lynch
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Fees: | 1.5%
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Cusip: | 06048WUD0
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