By Wendy Van Sickle
Columbus, Ohio, July 11 – BofA Finance LLC priced $10 million of contingent income buffered autocallable securities due July 5, 2024 linked to SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.5%, paid quarterly, if the underlying fund closes at or above its 87% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the closing price of the underlying ETF is greater than or equal to its initial price on any quarterly call determination date.
At maturity, the payout will be par unless the ETF declines by more than 13%, in which case investors will lose 1.1494% for every 1% decline in the ETF beyond 13%.
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: | Contingent income buffered autocallable securities
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| Underlying fund: | SPDR S&P 500 ETF Trust
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| Amount: | $10 million
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| Maturity: | July 5, 2024
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| Coupon: | 10.5%, paid quarterly, if the underlying fund closes at or above its 87% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | Par if ETF finishes at or above 87% of initial level; otherwise, investors will lose 1.1494% for every 1% decline in the ETF beyond 13%
|
| Call: | Automatically at par if the closing price of the underlying ETF is greater than or equal to its initial price on any quarterly call determination date
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| Initial level: | $433.21
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| Buffer: | 13%
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| Coupon barrier: | $376.89, 87% of initial level
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| Strike date: | June 23
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Agent: | BofA Securities, Inc.
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 0.1% including a structuring fee of 0.05%
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| Cusip: | 09711A5W4
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