By Angela McDaniels
Tacoma, Wash., Jan. 6 - Bank of America Corp. priced $97.11 million of 0% autocallable enhanced market-linked step-up notes with buffer due Dec. 30, 2013 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 10% if the index closes at or above the initial index level on Jan. 18, 2013.
If the notes are not called and the final index level is greater than the step-up value, the payout at maturity will be par plus the index return. The step-up value is 132.5% of the initial index level.
If the final index level is less than or equal to the step-up value and greater than or equal to 90% of the initial index level, the payout will be par plus 32.5%.
Investors will lose 1% for every 1% that the index declines beyond 10%.
Bank of America Merrill Lynch is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable enhanced market-linked step-up notes with buffer
|
| Underlying index: | S&P 500
|
| Amount: | $97,113,540
|
| Maturity: | Dec. 30, 2013
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes above step-up level, par plus index gain; if index finishes at or above 90% of initial level but at or below step-up value, par plus 32.5%; par if index declines by 10% or less; 1% loss for every 1% that index declines beyond 10%
|
| Call: | Automatically at $11 per note if index closes at or above initial level on Jan. 18, 2013
|
| Initial level: | 1,277.30
|
| Step-up value: | 1,692.42, 132.5% of initial level
|
| Threshold value: | 1,149.57, 90% of starting value
|
| Pricing date: | Jan. 4
|
| Settlement date: | Jan. 11
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06051P265
|
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