Published on 6/28/2022 in the Prospect News Structured Products Daily.
New Issue: BofA sells $20.73 million Mitts linked to commodity futures basket
By William Gullotti
Buffalo, N.Y., June 28 – BofA Finance LLC priced $20.73 million of 0% Market Index Target-Term Securities due June 24, 2025 linked to an equally weighted basket of commodity futures, according to a 424B2 filing with the Securities and Exchange.
The notes are guaranteed by Bank of America Corp.
The issuer priced $15.63 million principal amount of notes at par of $10 and $5.1 million principal amount of notes at 99.5 for $20.71 million of proceeds.
The basket consists of a West Texas Intermediate light sweet crude oil futures contract, a natural gas futures contract, a corn futures contract and a soybeans futures contract.
The payout at maturity will be par plus 170% of any basket gain.
If the basket declines, investors will receive par.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Market Index Target-Term Securities
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| Underlying commodities: | West Texas Intermediate light sweet crude oil futures contract, natural gas futures contract, corn futures contract, soybeans futures contract; equal weights
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| Amount: | $20,734,330
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| Proceeds: | $20,708,830
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| Maturity: | June 24, 2025
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| Coupon: | 0%
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| Price: | Par of $10 for $15,634,330 principal amount and 99.5 for $5.1 million principal amount
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| Payout at maturity: | If the basket return is positive, par plus 170% of the basket return; otherwise, par
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| Initial levels: | $104.27 for WTI, $6.239 for natural gas, $7.4675 for corn, $15.9325 for soybeans
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| Ending values: | The average of the values on the five consecutive market days ending June 18, 2025
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| Pricing date: | June 23
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| Settlement date: | July 1
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| Agent: | BofA Securities, Inc.
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| Fees: | 2.25% for $15,634,330 principal amount and 1.75% for $5.1 million principal amount
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| Cusip: | 09710F660
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