By William Gullotti
Buffalo, N.Y., Aug. 30 – BofA Finance LLC priced $2.5 million of contingent income autocallable yield notes due Aug. 29, 2024 tied to the stocks of Moderna, Inc. and Peloton Interactive, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at the rate of 19.75% per year if each stock closes at or above its coupon barrier level, 60% of its initial level, on the observation date that period.
The notes will be automatically called at par plus the coupon if each stock closes at or above its call level, 80% of initial level, on any monthly call determination date after three months.
If the lowest-performing stock finishes at or above its downside threshold level, 50% of its initial level, the payout at maturity will be par. If the lowest-performing stock finishes below its downside threshold level, investors will be fully exposed to the decline of the lowest-performing stock from its initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income autocallable yield notes
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Underlying stocks: | Moderna, Inc., Peloton Interactive, Inc.
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Amount: | $2.5 million
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Maturity: | Aug. 29, 2024
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Coupon: | 19.75% per year, payable monthly if each stock closes at or above coupon barrier level on any observation date
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Price: | Par
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Payout at maturity: | If each stock finishes at or above downside threshold level, par; if any stock finishes below downside threshold level, full exposure to decline of lowest-performing stock from its initial level
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Call option: | At par plus coupon if each stock closes at or above its call level on any monthly call determination date after three months
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Initial levels: | $397.87 for Moderna, $116.25 for Peloton
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Call levels: | $318.30 for Moderna, $93 for Peloton; 80% of initial levels
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Coupon barriers: | $238.72 for Moderna, $69.75 for Peloton; 60% of initial levels
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Downside threshold levels: | $198.94 for Moderna, $58.13 for Peloton; 50% of initial levels
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Pricing date: | Aug. 25
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Settlement date: | Aug. 30
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Agent: | BofA Securities, Inc.
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Fees: | 3.25%
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Cusip: | 09709UPZ5
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