By Toni Weeks
San Luis Obispo, Calif., Sept. 2 – Bank of America Corp. priced $44.71 million of autocallable market-linked step-up notes due Aug. 26, 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 a call premium of 10% if the index closes at or above its initial level on Aug. 31, 2015.
If the notes are not called and the index finishes above the step-up value – 128% of the initial level – the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 28%.
Investors will be exposed to any losses.
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 index
|
| Amount: | $44,712,230
|
| Maturity: | Aug. 26, 2016
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes above step-up value, par plus index gain; if index finishes at or below step-up level but at or above initial level, par plus 28%; otherwise, exposure to any losses
|
| Initial index level: | 11,825.88
|
| Step-up value: | 15,137.13, 128% of initial level
|
| Call: | At par plus 10% if index closes at or above initial level on Aug. 31, 2015
|
| Pricing date: | Aug. 28
|
| Settlement date: | Sept. 5
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06053M443
|
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