Bank of America plans 10% STEP Income Securities linked to Delta

By Susanna Moon

Chicago, Oct. 10 – Bank of America Corp. plans to price 10% STEP Income Securities due November 2015 linked to Delta Air Lines, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

If the price of Delta shares finishes at or above the step level – 110% of the initial price – the payout at maturity will be par of $10 plus a step payment of 1% to 5% that will be set at pricing.

If the stock finishes at or above the initial level but below the step level, the payout will be par.

Investors will be exposed to any losses.

BofA Merrill Lynch is the agent.

The securities will price in November and settle in October.

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