By Angela McDaniels
Tacoma, Wash., Oct. 31 – Bank of America Corp. priced $42.13 million of 0% autocallable market-linked step-up notes due Oct. 26, 2018 linked to the Energy Select Sector index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus a call premium of 14.01% if the index closes at or above the initial index level on Nov. 3, 2017.
If the notes are not called and the final index level is greater than the step-up value, 130% of the initial index level, the payout at maturity will be par plus the index return.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, 30%.
If the final index level is less than the initial level, investors will lose 1% for every 1% that the index declines from its initial level.
BofA Merrill Lynch is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | Energy Select Sector index
|
| Amount: | $42,133,940
|
| Maturity: | Oct. 26, 2018
|
| Coupon: | 0%
|
| Price: | 99.5% of par for $5,524,320 of notes and par of $10 for remainder
|
| Payout at maturity: | If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but less than or equal to step-up value, par plus 30%; if final index level is less than initial level, full exposure to index’s decline
|
| Call: | At par plus 14.01% if index closes at or above initial index level on Nov. 3, 2017
|
| Initial index level: | 697.98
|
| Step-up value: | 907.37, 130% of initial level
|
| Pricing date: | Oct. 27
|
| Settlement date: | Nov. 3
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.5% for $5,524,320 of notes and 2% for remainder
|
| Cusip: | 06054B636
|
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