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Bank of America to price 7.5% STEP Income notes on International Paper
By Angela McDaniels
Tacoma, Wash., March 14 - Bank of America Corp. plans to price 7.5% STEP Income Securities due April 2013 linked to the common stock of International Paper Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the final price of International Paper stock is greater than or equal to the step level, the payout at maturity will be par of $10 plus the step payment. The step level will be 107.5% of the initial share. The step payment is expected to be 1% to 5% and will be set at pricing.
If the final share price is greater than or equal to the threshold value but is less than the step level, the payout will be par. The threshold value is 95% of the initial share price.
Investors will lose 1% for every 1% that the final price declines below the threshold value.
The notes are expected to price in March and settle in April.
Bank of America Merrill Lynch is the agent.
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