New Issue: Bank of America prices $54.88 million market-linked step-up autocallables on S&P 500

By Susanna Moon

Chicago, Sept. 3 - Bank of America Corp. priced $54.88 million of 0% autocallable market-linked step-up notes due Aug. 26, 2016 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus a premium of 8% per year if the index closes above its initial level on Sept. 5, 2014 or Aug. 21, 2015.

If the index finishes above the step-up value - 151.1% 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 less than or equal to the step-up level, the payout at maturity will be par of $10 plus the step-up payment of 51.1%.

Otherwise, investors will be exposed to any losses.

BofA Merrill Lynch is the underwriter.

Issuer:	Bank of America Corp.
Issue:	Autocallable market-linked step up notes
Underlying index:	S&P 500 index
Amount:	$54,880,110
Maturity:	Aug. 26, 2016
Coupon:	0%
Price:	Par of $10.00
Call:	At par plus 8% per year if index closes above initial level on Sept. 5, 2014 or Aug. 21, 2015
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 51.1%; otherwise, exposure to any losses
Initial index level:	1,638.17
Step level:	2,475.27, or 151.1% of initial level
Pricing date:	Aug. 29
Settlement date:	Sept. 6
Underwriters:	BofA Merrill Lynch
Fees:	2%
Cusip:	06053F364

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