By William Gullotti
Buffalo, N.Y., Nov. 22 – BofA Finance LLC priced $2 million of contingent income issuer callable yield notes due Nov. 20, 2025 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 monthly coupon at an annual rate of 12.7% if the index closes at or above its 75% coupon barrier on the observation date for that period.
The notes are callable at par plus any coupon otherwise due on any monthly determination date after three months.
The payout at maturity will be par plus the final coupon if the index finishes at or above its coupon barrier.
If the index finishes below its coupon barrier but not below its 70% threshold level, the payout will be par. Otherwise, investors will be fully exposed to decline from the initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income issuer callable yield notes
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Underlying index: | S&P 500 index
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Amount: | $2 million
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Maturity: | Nov. 20, 2025
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Coupon: | 12.7% annualized rate, payable monthly if the index closes at or above its coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | If the index finishes at or above coupon barrier, par plus final coupon; if index finishes below coupon barrier but not below downside threshold, par; otherwise, 1% loss for each 1% decline from initial level
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Call option: | At par plus any coupon otherwise due on any monthly determination date after three months
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Initial level: | 3,958.79
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Coupon barrier: | 2,969.09; 75% of initial levels
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Downside threshold: | 2,771.15; 70% of initial levels
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Pricing date: | Nov. 16
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Settlement date: | Nov. 21
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Selling agent: | BofA Securities, Inc.
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Fees: | 0.2%
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Cusip: | 09709VB62
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