Published on 5/12/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $23.04 million callable contingent income securities on three indexes
New York, May 12 – BofA Finance LLC priced $23.04 million of callable contingent income securities due May 1, 2025 linked to the S&P 500 index, Russell 2000 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10%, paid quarterly, if each underlying index closes at or above its 65% coupon barrier on the related quarterly observation date.
The securities may be called at par on any quarterly call determination date.
At maturity, the payout will be par unless the worst performing index finishes below its 65% 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. Morgan Stanley Wealth Management is the dealer.
| 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 Nasdaq-100 index
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| Amount: | $23,042,000
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| Maturity: | May 1, 2025
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| Coupon: | 10%, paid quarterly, if each underlying index closes at or above its 65% 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 finishes 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 option: | At par on any quarterly call determination date
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| Initial levels: | 13,245.99, for NASDAQ-100 Index, 1,768.987, for Russell 2000 Index, 4,169.48, for S&P 500 Index
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| Downside threshold: | 8,609.89 for NASDAQ-100 Index, 1,149.842 for Russell 2000 Index, 2,710.16 for S&P 500 Index, 65% of initial levels
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| Coupon barriers: | 8,609.89 for NASDAQ-100 Index, 1,149.842 for Russell 2000 Index, 2,710.16 for S&P 500 Index, 65% of initial levels
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| Pricing date: | April 28
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| Settlement date: | May 3
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| Agent: | BofA Securities, Inc.
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2% including a structuring fee of 0.5%
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| Cusip: | 09709VTF3
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