New York, Sept. 12 – BofA Finance LLC priced $10 million of contingent income buffered autocallable securities due Sept. 13, 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 10.9%, paid quarterly, if the underlying fund closes at or above its 90% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons.
The securities will be called automatically starting Dec. 7 at par if the price of the underlying stock 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 its 10% buffer in which case investors will be exposed to 111.11% of the decline of the ETF beyond the buffer.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent. Morgan Stanley will act as distributor.
| 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 ETF: | SPDR S&P 500 ETF Trust
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| Amount: | $10 million
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| Maturity: | Sept. 13, 2024
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| Coupon: | 10.9%, paid quarterly, if the underlying fund closes at or above its 90% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par if ETF gains or loses no more than its 10% buffer, otherwise investors will be exposed to 111.11% of the decline in the ETF beyond the buffer
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| Call: | Automatically starting Dec. 7 at par if the price of the underlying stock is greater than or equal to its initial price on any quarterly call determination date
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| Initial level: | $446.22
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| Buffer: | 10%
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| Coupon barrier: | $401.60, 90% of initial level
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| Downside leverage: | 111.11%
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| Pricing date: | Sept. 7
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| Settlement date: | Sept. 12
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| Agent: | BofA Securities, Inc.
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| Distributor: | Morgan Stanley
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| Fees: | 0.1% including a structuring fee of 0.05%
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| Cusip: | 09711AMY1
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