Published on 4/22/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $14.6 million 8.3004% contingent income callable yield notes with memory on indexes
By Wendy Van Sickle
Columbus, Ohio, April 22 – BofA Finance LLC priced $14.6 million of contingent income (with memory feature) issuer callable yield notes due April 22, 2031 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.3004%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date, plus any previously unpaid coupon.
The securities may be called starting on Sept. 17, 2025 and on any subsequent determination date.
If the laggard index gains or ends above its 60% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the laggard index 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 (with memory feature) issuer callable yield notes
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| Underlying indexes: | S&P 500 index and Russell 2000 index
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| Amount: | $14.6 million
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| Maturity: | April 22, 2031
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| Coupon: | 8.3004%, paid monthly, if each underlying index closes at or above its 80% coupon barrier on the related monthly observation date; plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above its 60% threshold value, par; 1% loss for every 1% that laggard index declines if it finishes below its threshold value
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| Call: | Starting on Sept. 17, 2025 and on any subsequent determination date
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| Initial level: | 5,022.21 for S&P, 1,947.947 for Russell
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| Coupon barriers: | 4,017.77 for S&P, 1,558.358 for Russell, 80% of initial level
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| Downside thresholds: | 3,013.33 for S&P, 1,168.768 for Russell, 60% of initial level
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| Pricing date: | April 17
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| Settlement date: | April 22
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.1%
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| Cusip: | 09711BQX7
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