By Jennifer Chiou
New York, Dec. 14 - Bank of America Corp. priced $11.38 million of step-up callable range accrual notes due Dec. 16, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at a fixed rate for each day that the S&P 500 closes at or above 900 and will be payable quarterly.
The fixed rate will be 6.1% from Dec. 16, 2010 to but excluding Dec. 16, 2014, 7.1% from Dec. 16, 2014 to but excluding Dec. 16, 2018 and 8.1% from Dec. 16, 2018 to but excluding Dec. 16, 2022.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Dec. 16, 2015.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Step-up callable range accrual notes
|
| Underlying index: | S&P 500
|
| Amount: | $11,378,270
|
| Maturity: | Dec. 16, 2022
|
| Coupon: | At a fixed rate for each day that the index closes above its reference level; fixed rate is 6.1% through year four, 7.1% for years five through eight and 8.1% for years nine through 12
|
| Price: | Par of $10
|
| Payout at maturity: | Par
|
| Reference level: | 900
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 16
|
| Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06052R476
|
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