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BofA plans market-linked step up notes on Energy Select Sector index
By Devika Patel
Knoxville, Tenn., May 11 – BofA Finance LLC plans to price 0% market-linked step up notes due June 2019 linked to the Energy Select Sector index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
If the index finishes at or above the initial level, the payout at maturity will be par of $10 plus the greater of the step up payment and the index return. The step up payment is expected to be 16% to 22% and will be set at pricing.
Investors will lose 1% for each 1% decline.
BofA Merrill Lynch is the agent.
The notes will price and settle in May.
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