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Bank of America plans step-up callable range accrual notes on S&P 500
By Marisa Wong
Madison, Wis., Sept. 3 - Bank of America Corp. plans to price step-up callable range accrual notes due October 2020 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 6% for the first year. After that, interest will accrue at a fixed rate for each day that the S&P 500 closes above the reference index level, which is expected to be 85% to 97% of the initial level. Interest will be payable quarterly.
The fixed rate will be 6% from October 2011 to October 2013, 7% from October 2013 to October 2015 and 8% from October 2015 to October 2020.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning in October 2013.
The notes will price in September and settle in October, with the exact deal terms to be set at pricing.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
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