Published on 3/29/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $8 million 10.4375% callable contingent notes on indexes
New York, March 29 – BofA Finance LLC priced $8 million of callable contingent income securities due March 27, 2028 linked to S&P 500 index, Russell 2000 index and MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.4375%, paid quarterly, if each underlying index closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities may be called starting June 27 at par on any quarterly call determination date.
At maturity the payout will be par unless the worst performing index closes below its 60% downside threshold in which case investors will be fully exposed to the decline of that index.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Callable contingent income securities
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| Underlying indexes: | S&P 500 index, Russell 2000 index and MSCI EAFE index
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| Amount: | $8 million
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| Maturity: | March 27, 2028
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| Coupon: | 10.4375%, paid quarterly, if each underlying index closes at or above its 70% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing index closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying index
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| Call: | Starting June 27 at par on any quarterly call determination date
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| Initial levels: | 2,038.07 for EAFE, 1,727.358, for Russell 2000 Index, 3,936.97, for S&P 500 Index
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| Downside threshold: | 1,222.84 for EAFE, 1,036.415 for Russell 2000 Index, 2,362.18 for S&P 500 Index, 60% of initial levels
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| Coupon barriers: | 1,426.65 for EAFE, 1,209.151 for Russell 2000 Index, 2,755.88 for S&P 500 Index, 70% of initial levels
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| Pricing date: | March 22
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| Settlement date: | March 27
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| Agent: | BofA Securities, Inc.
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| Fees: | 2.00002% including a structuring fee of 0.36362%
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| Cusip: | 09709VML7
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