By Wendy Van Sickle
Columbus, Ohio, May 30 – BofA Finance LLC priced $15.52 million of 0% autocallable market-linked step-up notes due June 3, 2019 tied to the PHLX Housing Sector index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at par of $10 plus a $0.90 premium if the index's closing level is greater than or equal to the initial level on June 1, 2018.
If the index finishes above the step-up value, 116% of the initial value, the payout at maturity will be par plus the index return.
If the index return is zero or positive but the index finishes at or below the step-up value, the payout will be par plus the step-up payment of 16%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the underwriter.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | PHLX Housing Sector index
|
| Amount: | $15,524,460
|
| Maturity: | June 3, 2019
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes above step-up value, par plus index return; if index stays flat or gains but finishes at or below step-up value, par plus 16%; exposure to losses
|
| Call: | Automatically at par plus a 9% premium if the index's closing level is greater than or equal to the initial level on June 1, 2018
|
| Initial index level: | 273.50
|
| Step-up value: | 317.26, 116% of initial value
|
| Pricing date: | May 25
|
| Settlement date: | June 2
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 097096481
|
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