By William Gullotti
Buffalo, N.Y., June 21 – BofA Finance LLC priced $1.21 million of contingent income buffered autocallable yield notes due Feb. 20, 2024 linked to the iShares Global Clean Energy ETF and the Invesco Solar ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a monthly coupon at an annual rate of 9.15% if each ETF closes above its 80% downside threshold on a related determination date.
The notes will be called at par plus any coupon due if each ETF closes at or above its initial level on any quarterly determination date after six months.
If the lesser performing ETF’s final share price is greater than or equal to the 80% downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the lesser performing ETF declines beyond 20%.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income buffered autocallable yield notes
|
| Underlying ETFs: | iShares Global Clean Energy ETF, Invesco Solar ETF
|
| Amount: | $1,205,000
|
| Maturity: | Feb. 20, 2024
|
| Coupon: | 9.15% per year, payable monthly if each ETF closes at or above downside threshold level on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If lesser performing ETF’s final share price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% decline of lesser performing ETF beyond 20%
|
| Call: | At par plus contingent coupon if each ETF closes at or above initial level on any quarterly determination date after six months
|
| Initial levels: | $21.60 for iShares, $72.54 for Invesco
|
| Coupon barrier levels: | $17.28 for iShares, $58.03 for Invesco; 80% of initial values
|
| Downside threshold levels: | $17.28 for iShares, $58.03 for Invesco; 80% of initial values
|
| Pricing date: | May 14
|
| Settlement date: | May 19
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2.75%
|
| Cusip: | 09709UJP4
|
© 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.
