By Angela McDaniels
Tacoma, Wash., Aug. 3 - Bank of America Corp. priced $12 million of 0% Leveraged Index Return Notes due July 31, 2012 linked to the Rogers International Commodity Index - Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus 117.4% of any index gain. Investors will receive par if the index declines by 10% or less and will be exposed to any decline beyond 10%.
A market disruption event occurred on the pricing date when the settlement prices for azuki beans and barley contracts included in the index were each a limit price. As a result, the calculation agent set the initial index level to equal the closing level on July 30 - 2,189.72 - as adjusted on the basis of the settlement prices for azuki beans and barley on July 31.
Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the underwriters.
| Issuer: | Bank of America Corp.
|
| Issue: | Leveraged Index Return Notes
|
| Underlying index: | Rogers International Commodity Index - Excess Return
|
| Amount: | $12 million
|
| Maturity: | July 31, 2012
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus 117.4% of any index gain; par if index declines by 10% or less; full exposure to any decline beyond 10%
|
| Initial index level: | 2,189.81
|
| Pricing date: | July 30
|
| Settlement date: | Aug. 6
|
| Underwriters: | Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
|
| Fees: | 2.25%
|
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