Bank of America plans to price dual range accrual notes linked to six-month Libor, S&P 500 index

By Toni Weeks

San Diego, May 11 - Bank of America Corp. plans to price callable dual range accrual notes due May 28, 2027 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be equal to (i) the proportion of days on which six-month Libor is 6% or less and the S&P 500 is at or above 75% of the initial level multiplied by (ii) the applicable coupon, which will be 8% through year five, 9% in years six through 10 and 10% in years 11 through 15. Interest will be payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date after one year.

The notes (Cusip: 06048WMH0) are expected to settle May 29.

Bank of America Merrill Lynch is the agent.

© 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.