By Angela McDaniels
Tacoma, Wash., June 5 - Bank of America Corp. priced $5 million of callable dual range accrual notes due June 8, 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 is the base rate multiplied by the proportion of days on which six-month Libor is 6% or less and the S&P 500 closes at or above 939.36. The base rate is 8% per year in years one through five and 10% per year in years six through 15. Interest is payable quarterly.
The payout at maturity will be par.
Beginning June 8, 2013, the notes will be callable at par on any interest payment date.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Callable dual range accrual notes
|
| Underlyings: | Six-month Libor and S&P 500 index
|
| Amount: | $5 million
|
| Maturity: | June 8, 2027
|
| Coupon: | Base rate multiplied by proportion of days on which six-month Libor is 6% or less and S&P 500 closes at or above 939.36; payable quarterly
|
| Base rate: | 8% per year in years one through five and 10% per year in years six through 15
|
| Price: | Varying prices
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from June 8, 2013 onward
|
| Pricing date: | June 1
|
| Settlement date: | June 8
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | Agent purchased notes at 95.86
|
| Cusip: | 06048WML1
|
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