By Laura Lutz
Des Moines, May 6 - Bank of America priced $58 million of 10% reverse mandatory exchangeable senior notes with partial upside due May 11, 2009 exchangeable for common shares of Johnson & Johnson, according to a 424B5 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If the final share price is at least the call strike price, 108.25% of the initial price, the payout at maturity will be par plus 65% of any amount by which the final share price exceeds the call strike price.
If the final price is less than the call strike price but greater than or equal to the put strike price, 106.75% of the initial price, the payout will be par.
If the final price is less than the put strike price, the payout will be 93.6768% of par times the final performance of the shares.
Banc of America Securities LLC is the underwriter.
| Issuer: | Bank of America
|
| Issue: | Reverse mandatory exchangeable senior notes with partial upside
|
| Underlying shares: | Johnson & Johnson
|
| Amount: | $57,995,564.90
|
| Maturity: | May 11, 2009
|
| Coupon: | 10%, payable monthly
|
| Price: | Par of $68.1499
|
| Payout at maturity: | If final index price is at least call strike price, par plus 65% of any amount by which final share price exceeds call strike price; if final price is less than call strike price and at least put strike price, par; if final price is less than put strike price, 93.6768% of par times final share performance
|
| Initial price: | $68.1499
|
| Put strike price: | $72.75, 106.75% of initial price
|
| Call strike price: | $73.7723, 108.25% of initial price
|
| Pricing date: | May 2
|
| Settlement date: | May 9
|
| Underwriter: | Banc of America Securities LLC
|
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