By Wendy Van Sickle
Columbus, Ohio, July 8 – BofA Finance LLC priced $15.71 million of trigger autocallable contingent yield notes due July 6, 2022 linked to the SPDR S&P 500 ETF trust and the SPDR S&P MidCap 400 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a contingent quarterly coupon at an annual rate of 9.5% if each asset closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par of $10 if each asset closes at or above its initial level on any quarterly observation date starting Jan. 4, 2021.
The payout at maturity will be par plus the final coupon, if any, unless either asset finishes below the downside threshold level, 60% of its initial level, in which case investors will lose 1% for every 1% loss of the worse performing asset from its initial level.
UBS Financial Services Inc. and BofA Securities, Inc. are the agents.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Trigger autocallable contingent yield notes
|
| Underlying ETFs: | SPDR S&P 500 ETF trust and SPDR S&P MidCap 400 ETF trust
|
| Amount: | $15,708,190
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| Maturity: | July 6, 2022
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| Coupon: | 9.5%, payable quarterly if each ETF closes at or above coupon barrier on quarterly observation date
|
| Price: | Par of $10
|
| Call: | At par if both ETFs close at or above initial levels on any quarterly observation date starting Jan. 4, 2021
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| Payout at maturity: | Par unless either ETF finishes below downside threshold, in which case 1% loss for each 1% decline of worse performing ETF
|
| Initial ETF levels: | $310.52 for S&P 500, $322.38 for MidCap 400
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| Coupon barriers: | $217.36 for S&P 500, $225.67 for MidCap 400; 70% of initial levels
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| Downside thresholds: | $186.31 for S&P 500, $193.43 for MidCap 400; 60% of initial levels
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| Pricing date: | July 1
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| Settlement date: | July 6
|
| Agents: | UBS Financial Services Inc. and BofA Securities, Inc.
|
| Fees: | 1.5%
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| Cusip: | 05591G579
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