By Toni Weeks
San Diego, April 30 - Bank of America Corp. priced $19.96 million of 9.5% STEP Income Securities due May 10, 2013 linked to the performance of Hewlett-Packard Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of Hewlett-Packard shares finishes at or above the step level - 109.5% of the initial price - the payout at maturity will be par of $10 plus 7.82%.
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.
Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Hewlett-Packard Co. (NYSE: HPQ)
|
| Amount: | $19,955,460
|
| Maturity: | May 10, 2013
|
| Coupon: | 9.5%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If Hewlett-Packard shares finish at or above $27.21, par plus $0.782 per $10 note; if shares finish at or above initial price but below STEP level, par; full exposure to losses
|
| Initial price: | $24.85
|
| STEP level: | $27.21, 109.5% of initial value
|
| Pricing date: | April 26
|
| Settlement date: | May 3
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 0.175%
|
| Cusip: | 06051R824
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
