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Bank of America to price 9.5% STEP Income Securities linked to Valero
By Toni Weeks
San Luis Obispo, Calif., Feb. 4 - Bank of America Corp. plans to price 9.5% STEP Income Securities due February 2015 linked to Valero Energy Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Valero shares finish at or above the step level - 109.5% 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 the initial price but below the step level, the payout will be par.
Investors will be exposed to any losses if the share price finishes below the initial price.
The notes are expected to price and settle in February.
BofA Merrill Lynch is the agent.
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