By Angela McDaniels
Tacoma, Wash., Dec. 23 - Bank of America Corp. priced $55.77 million of 0% enhanced buffer market-linked step-up notes due Dec. 30, 2013 linked to the Dow Jones Industrial Average, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the step-up value, the payout at maturity will be par of $10 plus the index return.
If the final index level is less than or equal to the step-up value and greater than or equal to 90% of the initial index level, the payout at maturity will be par plus the step-up payment.
Investors will lose 1% for every 1% that the index declines beyond 10%.
The step-up value is 117.4% of the initial index level, and the step-up payment is 17.4%.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Enhanced buffer market-linked step-up notes
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Underlying index: | Dow Jones Industrial Average
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Amount: | $55,774,560
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Maturity: | Dec. 30, 2013
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus greater of index return and 17.4% if final index level is greater than or equal to 90% of initial level; 1% loss for every 1% that index declines beyond 10%
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Initial index level: | 11,533.16
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Pricing date: | Dec. 21
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Settlement date: | Dec. 30
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Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
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Fees: | 2.25%
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Cusip: | 06052R401
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