By William Gullotti
Buffalo, N.Y., May 9 – BofA Finance LLC priced $3.5 million of contingent income autocallable yield notes due May 2, 2024 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.3% if the index closes at or above its coupon barrier, 70% of initial level, on the relevant observation date.
If the index closes at or above its initial level on any quarterly valuation date after one year, the notes will be called at par plus a coupon.
The payout at maturity will be par plus the final coupon unless the index finishes below its 70% threshold level, in which case investors will be fully exposed to its decline from initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying index: | S&P 500 index
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| Amount: | $3.5 million
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| Maturity: | May 2, 2024
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| Coupon: | 8.3% annual rate, payable quarterly if the index closes at or above coupon barrier on the corresponding observation date
|
| Price: | Par
|
| Payout at maturity: | If index finishes at or above downside threshold, par plus final coupon; otherwise 1% loss for each 1% decline from initial level
|
| Call: | Automatically at par plus coupon if the index closes at or above initial level on any quarterly observation date after one year
|
| Initial level: | 4,287.5
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| Coupon barrier: | 3,001.25; 70% of initial level
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| Downside threshold: | 3,001.25; 70% of initial level
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| Pricing date: | April 28
|
| Settlement date: | May 3
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0.5%
|
| Cusip: | 09709US41
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