Bank of America plans 9% STEP Income notes linked to Schlumberger

By Susanna Moon

Chicago, March 25 - Bank of America Corp. plans to price 9% STEP Income Securities due April 2011 based on the performance of Schlumberger Ltd. shares, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

If Schlumberger stock finishes at or above the step level - 109% of the initial share price - the payout at maturity will be par of $10 plus 1% to 5%, with the exact step payment to be set at pricing. If it finishes at or above the initial price but below the step level, the payout will be par.

Investors will be exposed to any losses.

The notes will price and settle in April.

Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the underwriters.

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