By Angela McDaniels
Tacoma, Wash., Feb. 14 - Bank of America Corp. priced $4.41 million of step-up callable range accrual notes due Feb. 17, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at a rate equal to the reference rate multiplied by the proportion of days on which the S&P 500 closes at or above 1,050.
The reference rate is 6.42% for years one through four, 7.42% for years five through eight and 8.42% for years nine through 12.
The payout at maturity will be par.
Beginning Feb. 17, 2016, the notes will be callable at par on any interest payment date.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | Step-up callable range accrual notes
|
| Underlying index: | S&P 500
|
| Amount: | $4,407,220
|
| Maturity: | Feb. 17, 2023
|
| Coupon: | Equal to reference rate multiplied by proportion of days on which S&P 500 closes at or above 1,050; reference rate is 6.42% for years one through four, 7.42% for years five through eight and 8.42% for years nine through 12; payable quarterly
|
| Price: | Par of $10
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from Feb. 17, 2016 onward
|
| Pricing date: | Feb. 10
|
| Settlement date: | Feb. 17
|
| Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06052R781
|
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