By Angela McDaniels
Tacoma, Wash., July 8 – BofA Finance LLC priced $325,000 of contingent income buffered autocallable yield notes due June 30, 2021 linked to the lesser performing of the United States Oil Fund, LP and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 8.01% per year if each ETF closes at or above its threshold value, 75% of its initial share price, on the observation date for that month.
Beginning in December 2019, the notes will be automatically called at par if each ETF closes at or above its initial share price on any quarterly observation date other than the final one.
If the notes are not called and each ETF finishes at or above its threshold value, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the lesser-performing ETF declines beyond 25%.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income buffered autocallable yield notes
|
| Underlying ETFs: United States Oil Fund, LP and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $325,000
|
| Maturity: | June 30, 2021
|
| Coupon: | 8.01% per year, payable monthly if each ETF closes at or above threshold value on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF finishes below threshold value, in which case 1% loss for every 1% that lesser-performing ETF declines beyond 25%
|
| Call: | Beginning in December 2019, automatically at par if each ETF closes at or above initial share price on any quarterly observation date other than final one
|
| Initial share prices: | $12.00 for U.S. Oil Fund and $25.99 for SPDR S&P Oil & Gas
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| Threshold values: | $9.00 for U.S. Oil Fund and $19.49 for SPDR S&P Oil & Gas, or 75% of initial share prices
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Agent: | BofA Securities Inc.
|
| Fees: | 2.75%
|
| Cusip: | 09709TSL6
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