Bank of America plans 10% STEP Income Securities linked to Ford

By Susanna Moon

Chicago, March 15 - Bank of America Corp. plans to price 10% STEP Income Securities due April 2013 linked to Ford Motor Co. shares, according to an FWP with the Securities and Exchange Commission.

Interest will be payable quarterly.

If the price of Ford shares finishes at or above the 110% step level, the payout at maturity will be par of $10 plus a step payment of $0.10 to $0.50 per note. The exact amount will be set at pricing.

If the stock finishes at or above the initial price but below the step level, the payout will be par.

Investors will be exposed to any losses.

Bank of America Merrill Lynch is the agent.

The notes are expected to price in March and settle in April.

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