By Susanna Moon
Chicago, Oct. 1 - Bank of America Corp. priced $101.42 million of 0% market-linked step up notes due Sept. 23, 2016 tied to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the step-up level, 116% of the initial level, the payout at maturity will be par plus the gain.
If the index finishes at or above the initial level but up to the step-up level, the payout will be par plus the step-up payment of 16%.
Otherwise, investors will be fully exposed to any losses.
BofA Merrill Lynch is the underwriter.
Issuer: | Bank of America Corp.
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Issue: | Market-linked step up notes
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Underlying index: | Dow Jones industrial average
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Amount: | $101,421,900
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Maturity: | Sept. 23, 2016
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index finishes above step-up level, par plus gain; if index gains by up to step-up level, par plus 16%; full exposure to any losses
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Initial index level: | 15,328.30
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Step-up level: | 116% of initial level
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Pricing date: | Sept. 26
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Settlement date: | Oct. 4
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Underwriters: | BofA Merrill Lynch
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Fees: | 2.25%
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Cusip: | 06053F646
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