By Angela McDaniels
Tacoma, Wash., Dec. 8 - Bank of America Corp. priced $3 million of callable range accrual notes due Dec. 14, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 10.85% for the first year. After that, it will be 10.85% per year multiplied by the proportion of days on which the index's closing level is greater than or equal 75% of the initial level. Interest is payable quarterly.
The payout at maturity will be par.
Beginning Dec. 14, 2012, 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 range accrual notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $3 million
|
| Maturity: | Dec. 14, 2016
|
| Coupon: | 10.85% for first year; after that, 10.85% per year multiplied by proportion of days on which S&P 500 closes at or above strike level; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from Dec. 14, 2012 onward
|
| Initial index level: | 1,258.47
|
| Index strike level: | 943.85, 75% of initial level
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 14
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | Variable
|
| Cusip: | 06048WJR2
|
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