By Angela McDaniels
Tacoma, Wash., June 30 – Bank of America Corp. priced $6.93 million of 0% autocallable market-linked step-up notes due June 23, 2017 linked to the S&P Oil & Gas Exploration and Production Select Industry index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called if the index closes at or above the initial index level on either of two observation dates. The call amount is $11 per $10 principal amount if the notes are called on June 26, 2015 or $12 if they are called on June 17, 2016.
If the notes and not called and the final index level is greater than the step-up value, 120% of the initial level, then the payout at maturity will be par plus the index return.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, then the payout will be par plus 20%.
If the final index level is less than the initial index level but greater than or equal to the threshold value, 96% of the initial index level, then the payout will be par.
If the final index level is less than the threshold value, investors will lose 1% for every 1% that the index declines beyond 4%.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P Oil & Gas Exploration and Production Select Industry
|
| Amount: | $6,930,300
|
| Maturity: | June 23, 2017
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but less than or equal to step-up value, par plus 20%; if final index level is less than initial index level but greater than or equal to threshold value, par; if final index level is less than threshold value, 1% loss for every 1% that index declines beyond 4%
|
| Call: | Automatically at par plus 10% per year if index closes at or above initial level on June 26, 2015 or June 17, 2016
|
| Initial index level: | 12,343.48
|
| Step-up value: | 14,812.18, 120% of initial index level
|
| Threshold value: | 11,849.74, 96% of initial index level
|
| Pricing date: | June 26
|
| Settlement date: | July 3
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06053M260
|
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