By Angela McDaniels
Tacoma, Wash., May 25 - Bank of America Corp. priced $7 million of callable dual range accrual notes due May 28, 2027 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be the base rate multiplied by the proportion of days on which six-month Libor is 6% or less and the S&P 500 closes at or above 989.15. The base rate is 8% per year in years one through five, 9% per year in years six through 10 and 10% per year in years 11 through 15. Interest is payable quarterly.
The payout at maturity will be par.
Beginning May 28, 2013, the notes will be callable at par on any interest payment date.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Callable dual range accrual notes
|
| Underlyings: | Six-month Libor and S&P 500 index
|
| Amount: | $7 million
|
| Maturity: | May 28, 2027
|
| Coupon: | Base rate multiplied by proportion of days on which six-month Libor is 6% or less and S&P 500 closes at or above 989.15; payable quarterly
|
| Base rate: | 8% per year in years one through five, 9% per year in years six through 10 and 10% per year in years 11 through 15
|
| Price: | Varying prices
|
| Payout at maturity: | Par
|
| Pricing date: | May 23
|
| Settlement date: | May 29
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | Agent purchased notes at 95.68
|
| Cusip: | 06048WMH0
|
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