By Kiku Steinfeld
Chicago, Feb. 22 – BofA Finance LLC priced $5.13 million of contingent income autocallable yield notes due Feb. 8, 2024linked to the worst performing of the Energy Select Sector SPDR fund and the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12.25% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that month.
The notes will be called at par on if each asset closes above its initial level on any quarterly determination date after one year.
The payout at maturity will be par unless any asset finishes below its 70% threshold level, in which case investors will be fully exposed to any losses of the worst performing asset.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling 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 assets: | Energy Select Sector SPDR fund and Financial Select Sector SPDR fund
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Amount: | $5.13 million
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Maturity: | Feb. 8, 2024
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Coupon: | 12.25% annualized, payable monthly if each asset closes at or above its coupon barrier on observation date for that month
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Price: | Par
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Payout at maturity: | If each asset finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing asset
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Call: | At par if each asset closes above its initial level on any quarterly determination date after one year
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Initial levels: | $40.03 for Energy, $30.04 for Financial
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Coupon barriers: | $28.02 for Energy, $21.03 for Financial, 70% of initial levels
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Downside thresholds: | $28.02 for Energy, $21.03 for Financial, 70% of initial levels
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Pricing date: | Feb. 5
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Settlement date: | Feb. 10
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Selling agent: | BofA Securities, Inc.
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Fees: | 0.25%
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Cusip: | 09709UBY3
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