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Bank of America plans 9% STEP Income Securities tied to D.R. Horton
By Susanna Moon
Chicago, Aug. 16 - Bank of America Corp. plans to price 9% STEP Income Securities due September 2014 linked to D.R. Horton Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of D.R. Horton shares finishes at or above the step level - 109% of the initial price - the payout at maturity will be par of $10 plus a step payment of 1% to 5% that will be set at pricing.
If the stock finishes at or above the 95% threshold level but below the step level, the payout will be par.
Investors will be exposed to any losses if the shares fall by more than 5%.
Bank of America Merrill Lynch is the agent.
The notes are expected to price in August and settle in September.
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