By Sarah Lizee
Olympia, Wash., April 1 – BofA Finance LLC priced $1.2 million of issuer callable daily range accrual notes due March 28, 2022 tied to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The interest rate is 6% per year multiplied by the proportion of days on which the rate closes at or above the barrier level, 60% of the initial level. Interest is payable monthly.
The payout at maturity will be par unless the rate closes below 60% of its initial level, in which case investors will lose 1% for each 1% decline from the initial level.
Beginning Sept. 28, the notes will be callable at par on any interest payment date.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Issuer callable daily range accrual notes
|
| Underlying rate: | 10-year U.S. dollar ICE swap rate
|
| Amount: | $1.2 million
|
| Maturity: | March 28, 2022
|
| Coupon: | 6% per year multiplied by proportion of days on which index closes at or above barrier level; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless rate finishes below 60% of initial level, in which case 1% loss for each 1% decline
|
| Call option: | At par on any monthly interest payment date starting Sept. 28
|
| Initial level: | 2.4%
|
| Barrier level: | 1.44%, 60% of initial level
|
| Pricing date: | March 27
|
| Settlement date: | March 29
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 09709THA2
|
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