By Angela McDaniels
Tacoma, Wash., April 12 - Bank of America Corp. priced $10 million of callable capped notes due April 12, 2031 linked to the 30-year and two-year Constant Maturity Swap rates, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 13% for the first year. After that, the interest rate will be four times the spread of the 30-year CMS rate over the two-year CMS rate minus 25 basis points, subject to a minimum of zero and a maximum of 13%. Interest is payable quarterly.
The payout at maturity will be par.
Beginning April 12, 2012, the notes will be callable at par on any interest payment date.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.
| Issuer: | Bank of America Corp.
|
| Issue: | Callable capped notes
|
| Amount: | $10 million
|
| Maturity: | April 12, 2031
|
| Coupon: | Initially 13%; after one year, four times spread of 30-year CMS rate over two-year CMS rate minus 25 bps, subject to floor of zero and cap of 13%; payable quarterly
|
| Price: | Variable prices
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from April 12, 2012 onward
|
| Pricing date: | April 8
|
| Settlement date: | April 12
|
| Agent: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Fees: | 4.15%
|
| Cusip: | 06048WFY1
|
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