Load Factor is proportional to lift which is in turn proportional to V^2

 

LFnew / LForiginal = (Vnew / Voriginal)^2

 

LFnew = LForiginal x (120 / 100)^2 = 1 x 1.2^2 = 1.44

 

The LF will therefore initially increase to 1.44 if the angle of attack remains constant.