Bank of America plans callable dual range accrual notes linked to S&P 500, six-month Libor

By Marisa Wong

Madison, Wis., May 23 - Bank of America Corp. plans to price callable dual range accrual notes due June 8, 2027 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will accrue at a base rate multiplied by the proportion of days on which six-month Libor is 6% or less and the S&P 500 closes at or above 73.5% of its initial level. The base rate will equal 8% for the first five years and 10% after that. Interest will be payable quarterly.

The payout at maturity will be par.

Beginning June 8, 2013, the notes will be callable at par on any interest payment date.

The notes (Cusip: 06048WML1) will price on June 1 and settle on June 8.

Bank of America Merrill Lynch is the agent.

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