By Marisa Wong
Madison, Wis., Feb. 2 - Bank of America Corp. priced $10 million of mandatory exchangeable senior notes due Aug. 3, 2012 linked to the common shares of CIT Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes carry a coupon of 1.15% per year. Interest is payable quarterly.
The face amount of each note is equal to the initial share price.
The payout at maturity will be an amount equal to the final share price, subject to a cap of 125% of par. The payment will be made in cash or CIT stock at the issuer's option.
Bank of America Merrill Lynch is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Mandatory exchangeable senior notes
|
| Underlying stock: | CIT Group Inc. (Symbol: CIT)
|
| Amount: | $10,000,008.54
|
| Maturity: | Aug. 3, 2012
|
| Coupon: | 1.15% per year, payable quarterly
|
| Price: | Par of $38.73
|
| Payout at maturity: | An amount equal to final share price, subject to a cap of 125% of par; payment will be made in cash or CIT stock at issuer's option
|
| Initial share price: | $38.73
|
| Target price: | $48.4125, 125% of initial price
|
| Pricing date: | Jan. 31
|
| Settlement date: | Feb. 3
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | None
|
| Cusip: | 06051P638
|
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