Published on 1/10/2024 in the Prospect News Structured Products Daily.
New Issue: BofA sells $11.31 million 10.85% fixed income autocallable yield notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Jan. 10 – BofA Finance LLC priced $11.31 million of 10.85% fixed income autocallable yield notes due April 9, 2025 linked to the worst performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after six months.
If the notes have not been called, the payout at maturity will be par unless either index closes below its 75% downside threshold on any trading day during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Fixed income autocallable yield notes
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| Underlying assets: | Russell 2000 index, S&P 500 index
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| Amount: | $11,309,000
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| Maturity: | April 9, 2025
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| Coupon: | 10.85% annualized, payable quarterly
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| Price: | Par
|
| Payout at maturity: | Par unless either index closes below its 75% downside threshold on any trading day during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from initial level
|
| Call: | At par if each index closes at or above its initial level on any quarterly observation date after six months
|
| Initial levels: | 1,957.727 for Russell, 4,688.68 for S&P
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| Downside thresholds: | 1,468.295 for Russell, 3,516.51 for S&P; 75% of initial levels
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| Pricing date: | Jan. 4
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| Settlement date: | Jan. 9
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| Selling agent: | BofA Securities, Inc.
|
| Fees: | None
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| Cusip: | 09710PGK6
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