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Bank of America to price 10% STEP Income Securities linked to Qualcomm
By Angela McDaniels
Tacoma, Wash., June 11 - Bank of America Corp. plans to price 10% STEP Income Securities linked to the common stock of Qualcomm Inc., according to an FWP filing with the Securities and Exchange Commission.
The tenor of the notes will be about 53 weeks.
Interest will be payable quarterly.
The payout at maturity will be par of $10 plus the step payment if the final share price is greater than or equal to the step level, which is 110% of the initial share price. The step payment is expected to be 2% to 5% and will be set at pricing.
If Qualcomm shares finish below the step level but at or above the initial share price, the payout will be par. If Qualcomm shares finish below the initial price, investors will be fully exposed to the decline.
The notes will price in June or July.
Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the underwriters.
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