By Angela McDaniels
Tacoma, Wash., April 29 - Bank of America Corp. priced $29.25 million of 0% autocallable market-linked step-up notes due April 22, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus a call premium if the index closes at or above the initial index level on either of two observation dates. The call premium is 8% if the notes are called on April 29, 2014 or 16% if they are called on April 17, 2015.
If the final index level is greater than the step-up value, 133% of the initial level, then the payout at maturity will be par plus the index return.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, then the payout will be par plus 33%.
Investors will be fully exposed to any index decline.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $29,254,550
|
| Maturity: | April 22, 2016
|
| 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 33%; full exposure to any index decline
|
| Call: | Automatically at par plus call premium if index closes at or above initial level on April 29, 2014 or April 17, 2015; call premium is 8% for first call date or 16% for second call date
|
| Initial index level: | 1,585.16
|
| Step-up value: | 2,108.26, 133% of initial index level
|
| Pricing date: | April 25
|
| Settlement date: | May 2
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06053E714
|
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