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Bank of America plans 9% STEP Income Securities tied to Valero Energy
By Marisa Wong
Madison, Wis., May 30 - Bank of America Corp. plans to price 9% STEP Income Securities due June 2015 linked to Valero Energy Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of Valero Energy shares finishes at or above the step level - 109% of the initial price - the payout at maturity will be par of $10 plus a step payment of 1% to 5% that will be set at pricing.
If the stock finishes at or above the initial level but below the step level, the payout will be par.
Investors will be exposed to any losses.
Bank of America Merrill Lynch is the agent.
The securities will price and settle in June.
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