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Bank of America plans 9.5% STEP Income notes linked to Hewlett-Packard
By Angela McDaniels
Tacoma, Wash., April 12 - Bank of America Corp. plans to price 9.5% STEP Income Securities due April 2013 linked to the common stock of Hewlett-Packard Co., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the final price of Hewlett-Packard stock is greater than or equal to the step level, the payout at maturity will be par of $10 plus the step payment. The step level will be 109.5% of the initial share price. The step payment is expected to be 1% to 5% and will be set at pricing.
If the final share price is less than the initial share price, investors will be fully exposed to the decline.
The notes are expected to price in April and settle in May.
Bank of America Merrill Lynch is the agent.
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