By Marisa Wong
Madison, Wis., Sept. 10 - Bank of America Corp. priced $23.66 million of 8.5% STEP Income Securities due Sept. 20, 2013 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the price of Apple shares finishes at or above the step level - 108.5% of the initial price - the payout at maturity will be par of $10 plus a step payment of 9.75%.
If the stock finishes at or above the initial share price but below the step level, the payout will be par.
Investors will be exposed to any losses if the final share price is less than the initial price.
Bank of America Merrill Lynch is the agent.
Issuer: | Bank of America Corp.
|
Issue: | STEP Income Securities
|
Underlying stock: | Apple Inc. (Nasdaq: AAPL)
|
Amount: | $23,660,360
|
Maturity: | Sept. 20, 2013
|
Coupon: | 8.5%, payable quarterly
|
Price: | Par of $10
|
Payout at maturity: | If final share price is at or above step level, par plus 9.75%; if stock finishes at or above initial share price but below step level, par; full exposure to losses
|
Initial share price: | $675.14
|
Step level: | $732.53, 108.5% of initial price
|
Pricing date: | Sept. 6
|
Settlement date: | Sept. 13
|
Agent: | Bank of America Merrill Lynch
|
Fees: | 1.75%
|
Cusip: | 06053D260
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.