Bank of America plans 6%-7% coupon bearing notes linked to Citigroup

By Tali Rackner

Norfolk, Va., Aug. 15 – Bank of America Corp. plans to price 6% to 7% coupon bearing notes due September 2017 linked to the common stock of Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly, with the exact coupon to be set at pricing.

If Citigroup shares finish at or above the threshold level – 95% of the initial level – the payout at maturity will be par of $10.

Otherwise, investors will be exposed to losses beyond 5%.

BofA Merrill Lynch is the agent.

The notes will price in August and settle in September.

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