By Kiku Steinfeld
Chicago, March 8 – BofA Finance LLC priced $500,000 of contingent income autocallable yield notes due July 2, 2026 linked to Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.15%, paid quarterly, if the underlying stock closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities may be called automatically starting in June 2024 at par if the level of the underlier is greater than or equal to its initial price on a quarterly observation date.
If the stock gains or ends above its 70% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the 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 stock: | Alphabet Inc.
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Amount: | $500,000
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Maturity: | July 2, 2026
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Coupon: | 10.15%, paid quarterly, if the underlying stock closes at or above its 70% coupon barrier on the related quarterly observation date
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Price: | Par
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Payout at maturity: | If stock finishes at or above its 70% threshold value, par; 1% loss for every 1% that stock declines if it finishes below its threshold value
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Call: | Automatically starting in June 2024 at par if the level of the underlier is greater than or equal to its initial price on a quarterly observation date
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Initial level: | $118.33
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Downside threshold: | $82.83, 70% of initial level
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Coupon barrier: | $82.83, 70% of initial level
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Pricing date: | June 27, 2023
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Settlement date: | June 30, 2023
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Agent: | BofA Securities, Inc.
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Fees: | 2.85%
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Cusip: | 09711A7K8
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