By Angela McDaniels
Tacoma, Wash., Sept. 21 - Bank of America Corp. priced $7 million of autocallable range accrual notes due Sept. 26, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is the base rate multiplied by the proportion of days on which the index closes at or above the reference index strike level, which is 80% of the initial index level. The base rate is 6% per year in years one through five, 7% per year in years six through 10 and 8% per year in years 11 through 15. Interest is payable quarterly.
The payout at maturity will be par.
Beginning Sept. 26, 2013, the notes will be automatically called at par if the index's closing level on any observation date is more than 140% of the initial index level. The observation dates occur on the fifth business day prior to the interest payment dates.
Bank of America Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable range accrual notes
|
| Underlying index: | S&P 500
|
| Amount: | $7 million
|
| Maturity: | Sept. 26, 2027
|
| Coupon: | Base rate multiplied by proportion of days on which index closes at or above strike level; base rate is 6% per year in years one through five, 7% per year in years six through 10 and 8% per year in years 11 through 15; payable quarterly
|
| Price: | Varying prices
|
| Payout at maturity: | Par
|
| Call: | Automatically at par if index's closing level on any quarterly observation date is greater than call level
|
| Initial index level: | 1,461.05
|
| Strike level: | 1,168.84, 80% of initial level
|
| Call level: | 2,045.47, 140% of initial level
|
| Pricing date: | Sept. 19
|
| Settlement date: | Sept. 26
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | Price to agent was 96.4661% of par
|
| Cusip: | 06048WNE6
|
© 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.
