Published on 4/24/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $38.66 million leveraged buffered index-linked notes tied to S&P 500
By Wendy Van Sickle
Columbus, Ohio, April 24 – BofA Finance LLC priced $38.66 million of 0% leveraged buffered index-linked notes due July 15, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
If the index return is positive, the payout will be par plus 200% of the gain, subject to a maximum return of par plus 204%.
If the index finishes flat or declines by no more than 15%, the payout will be par. Otherwise, investors will lose 1.17647% for every 1% decline of the index beyond 12.5%.
BofA Securities, Inc. is the agent. iCapital Markets LLC is the dealer.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Leveraged buffered index-linked notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $38,664,000
|
| Maturity: | July 15, 2026
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If index return is positive, par plus 200% of the gain, capped at par plus 28.5%; if the index declines up to 15%, par; otherwise, 1.17647% loss for every 1% decline beyond 15%
|
| Initial level: | 5,011.12
|
| Buffer level: | 85% of initial level
|
| Pricing date: | April 18
|
| Settlement date: | April 25
|
| Agent: | BofA Securities, Inc.
|
| Dealer: | iCapital Markets LLC
|
| Fees: | None
|
| Cusip: | 09711BRF5
|
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