By Wendy Van Sickle
Columbus, Ohio, July 21 – BofA Finance LLC priced $521,000 of contingent income autocallable notes due July 24, 2019 linked to the common stock of Wayfair Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Bank of America Corp.
Each quarter, the notes will pay a contingent coupon at the rate of 20% per year if Wayfair stock closes at or above the barrier level, 60% of the initial share price, on the observation date for that quarter.
The notes will be automatically called at par if Wayfair stock closes at or above the initial share price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the barrier level, in which case the payout will be a number of Wayfair shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable notes
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| Underlying stock: | Wayfair Inc.
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| Amount: | $521,000
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| Maturity: | July 24, 2019
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| Coupon: | 20% per year, payable quarterly if shares close at or above barrier level on determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, 13.1891 Wayfair shares per $1,000 note
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| Call: | At par plus contingent coupon if shares close at or above initial level on any determination date
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| Initial share price: | $75.82
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| Downside threshold: | $45.49, 60% of initial share price
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| Settlement date: | July 24
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| Agent: | BofA Merrill Lynch
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| Fees: | 3.65%
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| Cusip: | 09709TAS0
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