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BofA plans to price market-linked step-up notes tied to index basket
By Sarah Lizee
Olympia, Wash., Aug. 13 – BofA Finance LLC plans to price 0% market-linked step-up notes due August 2021 linked to a global equity index basket, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The basket is made up of the S&P 500 index with a 75% weight and the Euro Stoxx 50 index with a 25% weight.
If the basket finishes above the step-up level – 118.5% to 124.5% of the initial level – the payout at maturity will be par plus the index return.
If the basket is flat or increases up to the step-up level, the payout will be par plus the step-up payment of $1.85 to $2.45 per note.
Investors will receive par if the index declines by up to 5% and will be exposed to any losses beyond 5%.
BofA Merrill Lynch is the agent.
The notes will price in August and settle in September.
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