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Bank of America plans 11.5% STEP Income Securities linked to Splunk
By Jennifer Chiou
New York, Oct. 16 – Bank of America Corp. plans to price 11.5% STEP Income Securities due November 2015 linked to Splunk Inc. shares, according to an FWP with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of Splunk shares finishes at or above the step level – 111.5% of the initial price – the payout at maturity will be par of $10 plus a step payment of 1% to 5% that will be set at pricing.
If the stock finishes at or above 95% of the initial level but below the step level, the payout will be par.
Investors will be exposed to any losses.
The securities will price in October and settle in November.
BofA Merrill Lynch is the agent.
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