diff --git a/CHANGELOG b/CHANGELOG
index 015932e74..a326f7ddf 100644
--- a/CHANGELOG
+++ b/CHANGELOG
@@ -2,6 +2,8 @@
 Changes for U-Boot 1.1.4:
 ======================================================================
 
+* Call serial_initialize() before first debug() is used.
+
 * Changes to Yellowstone & Yosemite 440EP/GR eval boards:
   - Changed GPIO setup to enable another address line in order to
     address 64M of FLASH.
diff --git a/lib_ppc/board.c b/lib_ppc/board.c
index f40bb253b..18e553772 100644
--- a/lib_ppc/board.c
+++ b/lib_ppc/board.c
@@ -609,6 +609,11 @@ void board_init_r (gd_t *id, ulong dest_addr)
 	bd = gd->bd;
 
 	gd->flags |= GD_FLG_RELOC;	/* tell others: relocation done */
+	gd->reloc_off = dest_addr - CFG_MONITOR_BASE;
+
+#ifdef CONFIG_SERIAL_MULTI
+	serial_initialize();
+#endif
 
 	debug ("Now running in RAM - U-Boot at: %08lx\n", dest_addr);
 
@@ -618,14 +623,8 @@ void board_init_r (gd_t *id, ulong dest_addr)
 	board_early_init_r ();
 #endif
 
-	gd->reloc_off = dest_addr - CFG_MONITOR_BASE;
-
 	monitor_flash_len = (ulong)&__init_end - dest_addr;
 
-#ifdef CONFIG_SERIAL_MULTI
-	serial_initialize();
-#endif
-
 	/*
 	 * We have to relocate the command table manually
 	 */