By Susanna Moon
Chicago, March 4 - Bank of America Corp. priced $62.7 million of 0% autocallable market-linked step up notes due Feb. 26, 2016 tied to the PHLX Housing Sector index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus 12% if the index closes at or above initial level on March 6, 2015.
If the index finishes above the step-up value - 117% of the initial level - the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 17%.
Investors will receive par if the index falls by 5% and will be exposed to any losses beyond 5%.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Market-linked autocallable step-up notes
|
| Underlying index: | PHLX Housing Sector index
|
| Amount: | $62,703,880
|
| Maturity: | Feb. 26, 2016
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | At par plus 12% if index closes at or above initial level on March 6, 2015
|
| Payout at maturity: | If index finishes above step-up value, par plus index gain; if index finishes at or below step-up level but at or above initial level, par plus 17%; par if index falls by 5% and exposure to any losses beyond 5%
|
| Initial index level: | 212.84
|
| Step-up value: | 249.02, 117% of initial level
|
| Threshold level: | 202.20, 95% of initial level
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 6
|
| Underwriters: | Merrill Lynch & Co.
|
| Fees: | 2%
|
| Cusip: | 06053G750
|
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