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Bank of America plans to price six-month Stars linked to S&P 500 index
By Marisa Wong
Milwaukee, June 24 - Bank of America Corp. plans to price 0% Strategic Accelerated Redemption Securities due January 2011 based on the performance of the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index closes at or above its initial level on the observation date, the notes will be called at par of $10 plus a call premium of 6.5% to 10.5%. The observation date will be in January 2011.
If the notes are not called, the payout at maturity will be par plus the index return on the observation date.
The notes are expected to price in July and settle in August.
The exact deal terms will be set at pricing.
Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC are the underwriters.
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