New York, Jan. 5 – BofA Finance LLC priced $10 million of contingent income buffered autocallable securities due Jan. 6, 2025 linked to iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.51%, paid quarterly, if the underlying fund closes at or above its 85% coupon barrier on the related quarterly observation date, plus any previously unpaid coupons.
The securities will be called automatically starting March 28, 2024 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 15% buffer in which case investors will be exposed to 1.1765% 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: | iShares Russell 2000 ETF
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Amount: | $10 million
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Maturity: | Jan. 6, 2025
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Coupon: | 10.51%, paid quarterly, if the underlying fund closes at or above its 85% 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 15% buffer, otherwise investors will be exposed to 1.1765% of the decline in the ETF beyond the buffer
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Call: | Automatically starting March 28, 2024 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: | $204.82
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Buffer: | 15%
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Coupon barrier: | $174.10, 85% of initial level
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Downside leverage: | 1.1765%
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Pricing date: | Dec. 28
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Settlement date: | Jan. 3
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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: | 09710PK54
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