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Bank of America plans 10% STEP Income Securities on D.R. Horton
By Marisa Wong
Morgantown, W.Va., Dec. 14 – Bank of America Corp. plans to price 10% STEP Income Securities due December 2016 linked to the common stock of D.R. Horton, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the final price of D.R. Horton shares is greater than or equal to the step level, the payout at maturity will be par of $10 plus the step payment, which is expected to be 1% to 5% and will be set at pricing. The step level will be 110% of the initial share price.
If the final price is less than the step level and greater than or equal to the initial level, the payout will be par.
Investors will share in any losses.
The notes will price and settle in December.
BofA Merrill Lynch is the agent.
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