A story in the Nov. 4 edition of the Prospect News Structured Products Daily incorrectly reported the coupon of an upcoming issue of STEP Income Securities linked to Delta Air Lines, Inc. stock. The correct coupon is 10%. A corrected version of the story follows:
New York, Nov. 5 – Bank of America Corp. priced $44.44 million of 10% STEP Income Securities due Nov. 13, 2015 tied to Delta Air Lines, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the stock finishes at or above the step level of $43.16, 110% of the initial price, the payout at maturity will be par plus 6.00%. If the stock finishes at or above the initial share price but below the step level, the payout will be par. Investors will lose 1% for every 1% decline in the stock.
Merrill Lynch & Co. is the underwriter.
| Issuer: | Bank of America Corp.
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Delta Air Lines, Inc.
|
| Amount: | $44,442,430
|
| Maturity: | Nov. 13, 2015
|
| Coupon: | 10%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above the step level of $43.16, 110% of the initial price, par plus 6.00%; if stock finishes at or above initial share price but below step level, par; 1% loss for every 1% decline
|
| Initial price: | $39.24
|
| Step level: | $43.16, 110% of initial price
|
| Pricing date: | Oct. 30
|
| Settlement date: | Nov. 7
|
| Underwriter: | Merrill Lynch & Co.
|
| Fees: | 1.75%
|
| Cusip: | 06053M575
|
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