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Bank of America plans to price market-linked step-up notes on S&P 500
New York, Aug. 28 – Bank of America Corp. plans to price 0% market-linked step-up notes due September 2017 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the step-up level – 110% to 116% of the initial value – the payout at maturity will be par plus the index return.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 10% to 16%.
Otherwise, investors will be fully exposed to any losses.
Merrill Lynch & Co. is the agent.
The notes will price in September and settle in October.
The estimated value of the notes on the pricing date is between $9.36 and $9.73 per $10.00 principal amount.
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