By Toni Weeks
San Diego, Jan. 30 - Bank of America Corp. priced $27.23 million of autocallable range accrual notes due Feb. 2, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 9.5% for the first year. After that, it will accrue at a rate of 9.5% per year on each day that the index closes at or above 75% of the initial level. Interest is payable quarterly.
The payout at maturity will be par.
Beginning one year after issuance, the notes will be automatically called at par if the index closes above 120% of the initial level on any quarterly observation date.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable range accrual notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $27,225,090
|
| Maturity: | Feb. 2, 2027
|
| Coupon: | 9.5% for one year; then 9.5% per year multiplied by proportion of days on which index closes at or above strike level; payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par
|
| Call: | Automatically at par if index closes above 120% of initial level on any quarterly observation date beginning one year after issuance
|
| Initial index level: | 1,318.43
|
| Index strike level: | 988.83, or 75% of initial level
|
| Call level: | 1,582.12, or 120% of initial level
|
| Pricing date: | Jan. 26
|
| Settlement date: | Feb. 2
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 2.5%
|
| Cusip: | 06051P414
|
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