Bank of America to price 0% Steepls linked to Dow Industrials

By Jennifer Chiou

New York, June 27 - Bank of America plans to price 0% unsecured senior notes in the Strategic Equity Exposure Performance Linked Securities (Steepls) structure due July 26, 2010 linked to the Dow Jones Industrial Average, according to a 424B5 filing with the Securities and Exchange Commission.

At maturity, investors will receive double the gain on the index, capped at 19% to 23%. Investors will receive par for losses up to 10% and will share in any losses beyond 10%.

The securities are expected to price and settle in July.

Banc of America Securities LLC and Banc of America Investment Services Inc. are the agents.

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