By Susanna Moon
Chicago, June 26 – Bank of America Corp. priced $5 million of autocallable market-linked step-up notes due June 30, 2017 linked to the worst of the common stocks of Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a call premium of 22% if each stock closes at or above its initial level on either call annual date.
If the worst performing stock finishes above the step-up value – 148.5% of the initial level – the payout at maturity will be par plus the stock gain.
If the worst performing stock finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 48.5%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
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| Issue: | Autocallable market-linked step-up notes
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| Underlying stocks: | Citigroup Inc. (NYSE: C), JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC)
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| Amount: | $5 million
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| Maturity: | June 30, 2017
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If worst performing stock finishes above step-up value, par plus gain; if worst performing gains by up to step-up level, par plus 48.5%; otherwise, exposure to any losses
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| Initial levels: | $47.81 for Citigroup, $57.42 for JPMorgan and $52.49 for Wells Fargo
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| Step-up value: | 148.5% of initial level
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| Call: | At par plus 22% annualized if each stock closes at or above initial level on June 26, 2015 or June 17, 2016
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| Pricing date: | June 24
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| Settlement date: | July 1
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| Underwriter: | BofA Merrill Lynch
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| Fees: | 1.5%
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| Cusip: | 06053M302
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