By Susanna Moon
Chicago, Feb. 18 – Bank of America Corp. priced $5 million of 0% autocallable market-linked step-up notes due Feb. 26, 2018 linked to the worse performing of two energy stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying companies are Schlumberger Ltd. and Exxon Mobil Corp.
The notes will be called at par plus 20% per year if each stock closes at or above the initial level on either call date.
If each stock finishes above the step-up value – 151.5% of the initial level – the payout at maturity will be par of $10 plus the gain of the worse performing stock.
If either stock finishes at or above the initial level but at or below the step-up value, the payout at maturity will be par of $10 plus the step-up payment of 51.5%.
Otherwise, investors will be exposed to any losses of the worse performing stock.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
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| Issue: | Autocallable market-linked step-up notes
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| Underlying stocks: | Schlumberger Ltd. (NYSE: SLB) and Exxon Mobil Corp. (NYSE: XOM)
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| Amount: | $5 million
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| Maturity: | Feb. 26, 2018
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If each stock finishes above step-up level, par plus gain of worse performing stock; if either stock gains up to step-up value, par plus 51.5%; otherwise, exposure to any losses of worse performing stock
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| Initial levels: | 85.96 for Schlumberger and 92.37 for Exxon Mobil
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| Step-up level: | 130.23 for Schlumberger and 139.94 for Exxon Mobil, or 151.5% of initial levels
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| Call: | At par plus 20% if each stock closes at or above initial level on Feb. 19, 2016 or Feb. 17, 2017
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| Pricing date: | Feb. 12
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| Settlement date: | Feb. 20
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| Agent: | BofA Merrill Lynch
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| Fees: | 1.5%
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| Cusip: | 06053M872
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