Bond or preferred stock call price is price of bond or stock at which the issuer can buy back the bond before the maturity date. In other words call price is the predetermined price at which the bondholder has to sell the bond before the maturity of the bond. Issuer of bond has right to buy back the bond but not the responsibility.
The call price will usually more than par price of a bond (called call premium) in case of height yield securities
Formula for bond call price
Price of callable bond = straight bond price – call option price