By Jennifer Chiou
New York, May 28 - Bank of America Corp. priced $26.5 million of 0% buffered Strategic Equity Exposure Performance Linked Securities (Steepls) due June 1, 2010 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.
The final index level will equal the average of the index's closing levels over the three trading days beginning six trading days before the maturity date.
The payout at maturity will be par plus double any gain on the index, capped at a maximum return of 20.5%. Investors will receive par if the index declines by up to 10% and will lose 1% for each 1% that the index declines beyond 10%.
Banc of America Securities LLC and Banc of America Investment Services, Inc. are the agents.
| Issuer: | Bank of America Corp.
|
| Issue: | Buffered Strategic Equity Exposure Performance Linked Securities (Steepls)
|
| Underlying index: | S&P 500
|
| Amount: | $26.5 million
|
| Maturity: | June 1, 2010
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus double any index gain, capped at maximum return of 20.5%; par if index declines by 10% or less; 1% loss for each 1% decline beyond 10%
|
| Initial index level: | 1,385.35
|
| Pricing date: | May 27
|
| Settlement date: | May 30
|
| Agents: | Banc of America Securities LLC and Banc of America Investment Services, Inc.
|
| Fees: | 1.75%
|
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