Published on 3/28/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $6.89 million 11.75% callable contingent income securities on indexes
New York, March 28 – BofA Finance LLC priced $6.89 million of callable contingent income securities due March 26, 2026 linked to S&P 500 index, Russell 2000 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 11.75%, paid quarterly, if each underlying index closes at or above its 80% coupon barrier on every business day that quarter.
The securities may be called starting June 27 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 75% downside threshold in which case investors will be fully exposed to the decline of the worst performing index.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent. Morgan Stanley will act as distributor.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Callable contingent income securities
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
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| Amount: | $6,891,000
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| Maturity: | March 26, 2026
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| Coupon: | 11.75%, paid quarterly, if each underlying index closes at or above its 80% coupon barrier every business day that quarter
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing index closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing index
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| Call: | Starting June 27 at par on any quarterly call date
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| Initial levels: | 18,339.44 for Nasdaq-100, 2,071.998 for Russell 2000, 5,234.18 for S&P 500
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| Downside thresholds: | 13,754.58 for Nasdaq-100, 1,553.999 for Russell 2000, 3,925.64 for S&P 500, 75% of initial levels
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| Coupon barriers: | 14,671.55 for Nasdaq-100, 1,657.598 for Russell 2000, 4,187.34 for S&P 500, 80% of initial levels
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| Pricing date: | March 22
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| Settlement date: | March 27
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| Agent: | BofA Securities, Inc.
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| Distributor: | Morgan Stanley
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| Fees: | 2%
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| Cusip: | 09711BE69
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