Bank of America to price coupon-bearing autocallables linked to Valero

By Toni Weeks

San Luis Obispo, Calif., June 15 – Bank of America Corp. plans to price autocallable coupon-bearing notes due July 2016 linked to the common stock of Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly at the rate of 10.5% to 11.5% per year. The exact coupon will be set at pricing.

The notes will be called if the stock price closes at or above the initial level on any of two observation dates, which are in December 2015 and April 2016.

If the notes are not called and the final stock price is greater than or equal to the initial price, the payout at maturity will be par plus the final coupon. Investors will be fully exposed to losses if the stock price declines.

The notes are expected to price in June and settle in July.

BofA America Merrill Lynch is the agent.

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