By Susanna Moon
Chicago, July 28 – Bank of America Corp. priced $61.43 million of 0% autocallable market-linked step-up notes due July 29, 2016 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 called at par plus 10% annualized if the index closes at or above initial level on July 27, 2015.
If the index finishes at or above the step-up value – 127.5% of the initial level – the payout at maturity will be par plus the index return.
If the index finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 27.5%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P Oil & Gas Exploration and Production Select Industry index
|
| Amount: | $61,430,250
|
| Maturity: | July 29, 2016
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes at or above step level, par plus return; if index gains by up to step-up level, par plus step-up return of 27.5%; exposure to any losses
|
| Initial level: | 12,104.53
|
| Step level: | 15,433.28, 127.5% of initial level
|
| Call: | At par plus 10% annualized if index closes at or above initial level on July 27, 2015
|
| Pricing date: | July 24
|
| Settlement date: | July 31
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06053M351
|
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