By William Gullotti
Buffalo, N.Y., May 6 – BofA Finance LLC priced $3.69 million of autocallable yield notes due April 24, 2024 linked to the worst performing of the common stocks of ViacomCBS Inc. and Discovery, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
Each quarter, the notes will pay a coupon at the rate of 12% per year if each stock closes at or above its coupon barrier, 50% of its initial level, on the related observation date.
The notes will be automatically called at par if the shares of each stock close at or above its initial share price on any quarterly call observation date after six months.
If the notes are not called and the final share price of each stock is greater than or equal to the downside threshold level, 50% of the initial share price, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final share price of the least performing stock is less than its initial share price.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Autocallable yield notes
|
| Underlying stocks: | ViacomCBS Inc. and Discovery, Inc.
|
| Amount: | $3,690,000
|
| Maturity: | April 24, 2024
|
| Coupon: | 12% per year, paid quarterly, if each stock closes at or above its coupon barrier on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below downside threshold level, in which case 1% loss for each 1% decline of laggard stock from initial level
|
| Call: | Automatically at par if each stock closes at or above initial level on any quarterly call observation date after six months
|
| Initial levels: | $39.35 for ViacomCBS, $37.34 for Discovery
|
| Coupon barrier levels: | $19.68 for ViacomCBS, $18.67 for Discovery; 50% of initial levels
|
| Downside thresholds: | $19.68 for ViacomCBS, $18.67 for Discovery; 50% of initial levels
|
| Pricing date: | April 19
|
| Settlement date: | April 22
|
| Agents: | BofA Securities, Inc.
|
| Fees: | 2.35%
|
| Cusip: | 09709UGY8
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
