By Angela McDaniels
Tacoma, Wash., Sept. 4 - Bank of America Corp. priced $17.89 million of 0% market-linked step-up notes due Aug. 22, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the step-up value, the payout at maturity will be par of $10 plus the index return. The step-up value is 124% of the initial index level.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus 24%.
Investors will be exposed to the index decline if the final index level is less than the initial level.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $17,885,380
|
| Maturity: | Aug. 22, 2014
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but less than or equal to step-up value, par plus 24%; full exposure to any index decline
|
| Initial index level: | 1,399.48
|
| Step-up value: | 1,735.36, 124% of initial level
|
| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 7
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06053D112
|
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