New Issue: Bank of America prices $16.47 million callable range accrual notes linked to S&P 500

By Toni Weeks

San Diego, Nov. 18 - Bank of America priced $16.47 million of callable range accrual notes due November 30, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 13.12% for the first year. After that, it will accrue at 13.12% for each day that the index closes at or above 75% of the initial level. Interest is payable quarterly.

The payout at maturity will be par.

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

Bank of America Merrill Lynch is the agent.

Issuer:	Bank of America
Issue:	Callable range accrual notes
Underlying index:	S&P 500 index
Amount:	$16,470,300
Maturity:	Nov. 30, 2026
Coupon:	13.12% for first year; after that, 13.12% per year multiplied by proportion of days on which S&P 500 is at or above 75% of initial level; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning Nov. 30, 2012
Initial index level:	1,188.04
Index strike level:	891.03, 75% of initial level
Pricing date:	Nov. 22
Settlement date:	Nov. 30
Agent:	Bank of America Merrill Lynch
Fees:	2.5%
Cusip:	06051P166

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