By Sarah Lizee
Olympia, Wash., July 31 – BofA Finance LLC priced $21.2 million of 0% autocallable market-linked step-up notes due July 30, 2021 tied to the Russell 2000 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 premium of 7.7% per year if the index's closing level is greater than or equal to the initial level on Aug. 2, 2019 or July 24, 2020.
If the index finishes above the step-up value, 130% 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 30%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the underwriter.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Autocallable market-linked step-up notes
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Underlying index: | Russell 2000
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Amount: | $21,196,300
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Maturity: | July 30, 2021
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Coupon: | 0%
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Price: | Par of $10
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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 30%; exposure to losses
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Call: | Automatically at par plus a premium of 7.7% per year if the index's closing level is greater than or equal to the initial level on Aug. 2, 2019 or July 24, 2020
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Initial index level: | 1,695.36
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Step-up value: | 2,203.97, 130% of initial value
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Pricing date: | July 26
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Settlement date: | Aug. 2
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%Cusip: | 097097711
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