Bank of America to price 0% Eagles linked to S&P 500

By Angela McDaniels

Seattle, Aug. 30 - Bank of America plans to price an issue of 0% notes structured as Minimum Return Equity Appreciation Growth LinkEd Securities (Index Eagles) due Oct. 3, 2011 linked to the performance of the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are expected to price on Sept. 27.

Payout at maturity will be par plus the return on the index during each of the 20 three-month periods making up the life of the bond. The return in each period will be capped at between 6.5% and 8.5%, with the exact cap to be determined at pricing. The minimum payout at maturity will be par plus 5%.

Banc of America Securities LLC and Banc of America Investment Services Inc. will be agents for the offering.

Bank of America said it will apply to list the securities under "BOR.O" on the American Stock Exchange.

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