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Bank of America plans step-up callable range accrual notes on S&P 500
By Marisa Wong
Madison, Wis., Dec. 7 - Bank of America Corp. plans to price step-up callable range accrual notes due December 2022 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Interest will accrue at a fixed rate for each day that the S&P 500 closes above 900. Interest will be payable quarterly.
The fixed rate will be 6% to 6.5% from December 2010 to December 2014, 7% to 7.5% from December 2014 to December 2018 and 8% to 8.5% from December 2018 to December 2022.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning in December 2015.
The notes will price and settle in December, with the exact deal terms to be set at pricing.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
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