By Wendy Van Sickle
Columbus, Ohio, Sept. 21 – BofA Finance LLC priced $15 million of issuer callable daily range accrual notes due Sept. 9, 2041 tied to the two-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The interest rate is 4% per year multiplied by the proportion of days on which the rate closes at or above zero but less than or equal to 3%. The rate is subject to a floor of zero and a cap of 4%. Interest is payable quarterly.
The payout at maturity will be par plus accrued interest.
After one year, the notes will be callable at par on any interest payment date.
BofA Securities is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Issuer callable daily range accrual notes
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| Underlying rate: | Two-year U.S. dollar ICE swap rate
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| Amount: | $15 million
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| Maturity: | Sept. 9, 2041
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| Coupon: | 4% per year multiplied by the proportion of days on which the rate closes at or above zero but less than or equal to 3%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par plus accrued interest
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| Call option: | At par on any quarterly interest payment date after one year
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| Barrier level: | 3%
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| Pricing date: | Sept. 7
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| Settlement date: | Sept. 9
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| Agent: | BofA Securities
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| Fees: | 1%
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| Cusip: | 09709T5Y3
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