New Issue: Bank of America prices $41.23 million market-linked step-up notes linked to S&P 500

By Susanna Moon

Chicago, Sept. 3 - Bank of America Corp. priced $41.23 million of 0% market-linked step-up notes due Aug. 24, 2018 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above the step-up value - 132.36% of the initial level - the payout at maturity will be par of $10 plus the index return.

If the index finishes at or above the initial level but is less than or equal to the step-up level, the payout at maturity will be par of $10 plus the step-up payment of 32.36%.

If the index finishes below the initial level but above the 80% trigger level, the payout will be par.

Otherwise, investors will be exposed to any losses.

Merrill Lynch & Co. is the underwriter.

Issuer:	Bank of America Corp.
Issue:	Market-linked step-up notes
Underlying index:	S&P 500 index
Amount:	$41,226,240
Maturity:	Aug. 24, 2018
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	If index rises above step-up level, par plus any gain; if index rises by up to step-up level, par plus 32.36%; if index falls by up to trigger level, par; otherwise, exposure to any losses
Initial index level:	1,638.17
Step level:	2,168.28, or 132.36% of initial level
Trigger level:	1,310.54, or 80% of initial level
Pricing date:	Aug. 29
Settlement date:	Sept. 6
Underwriters:	Merrill Lynch & Co.
Fees:	2.5%
Cusip:	06053F471

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