By Toni Weeks
San Diego, July 2 - Bank of America Corp. priced $19.35 million autocallable market-linked step-up notes due June 26, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index level is equal to or greater than the initial level on either of two observation dates, the notes will be automatically called at par plus a call premium. The call premium is $1 per $10 note on the June 28, 2013 observation date and $2 per note on the June 20, 2014 observation date.
If the final index level is greater than the step-up value - 185% of the initial level - the payout at maturity will be par plus the index return.
If the final index level is greater than or equal to the initial level but equal to or below the step-up value, the payout will be par plus the step-up payment of 85%.
Investors will receive par if the index declines by up to 5% and will share in any losses beyond the 5% buffer.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $19,349,410
|
| Maturity: | June 26, 2015
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but equal to or below step-up value, par plus step-up payment of 85%; par if index falls by up to 5%; exposure to losses beyond 5% buffer
|
| Call: | At par plus 10% on June 28, 2013 or par plus 20% on June 20, 2014 if closing index level is equal to or greater than initial level
|
| Initial level: | 1,329.04
|
| Step-up value: | 2,458.72 (185% of initial value)
|
| Threshold value: | 1,262.59, 95% of initial level
|
| Pricing date: | June 28
|
| Settlement date: | July 6
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06051R451
|
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