Published on 1/25/2024 in the Prospect News Structured Products Daily.
New Issue: BofA sells $2.25 million 15.4% contingent income autocallable yield notes on stocks
Chicago, Jan. 25 – BofA Finance LLC priced $2.25 million of contingent income autocallable yield notes due Jan. 22, 2027 linked to the least performing of the stocks of Advanced Micro Devices, Inc., Meta Platforms, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 15.4%, paid monthly, if each underlying stock closes at or above its 50% coupon barrier on the related monthly observation date.
The securities may be called automatically starting in January 2025 at par and on any subsequent monthly determination date if all three stocks close above their initial values.
If the worst performing stock gains or ends above its 50% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing stock declines if it finishes below its threshold value.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying stocks: | Advanced Micro Devices, Inc. (Ticker: AMD), Meta Platforms, Inc. (Ticker: META) and Netflix, Inc. (Ticker: NFLX)
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| Amount: | $2,246,000
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| Maturity: | Jan. 22, 2027
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| Coupon: | 15.4% annual rate, paid monthly, if each underlying stock closes at or above its 50% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | If worst performing stock finishes at or above its 50% threshold value, par; 1% loss for every 1% that worst performing stock declines if it finishes below its threshold value
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| Call: | Automatically starting in January 2025 at par and on any subsequent monthly determination date if all three stocks close above initial levels
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| Initial levels: | $174.23 for AMD, $383.45 for Meta, $482.95 for Netflix
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| Coupon barriers: | $87.12 for AMD, $191.73 for Meta, $241.48 for Netflix, 50% of initial levels
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| Downside thresholds: | $87.12 for AMD, $191.73 for Meta, $241.48 for Netflix, 50% of initial levels
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| Pricing date: | Jan. 19
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| Settlement date: | Jan. 24
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| Agent: | BofA Securities, Inc.
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| Fees: | 0%
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| Cusip: | 09710PPB6
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