By Kiku Steinfeld
Chicago, Oct. 10 – BofA Finance LLC priced $13.43 million of 8% STEP income securities due Oct. 9, 2020 linked to the common stock of United Technologies Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Bank of America Corp.
Interest is payable quarterly.
If the final price of the stock is greater than or equal to the step level, 108% of the initial share price, the payout at maturity will be par of $10 plus the step payment of 3.59%.
If the final share price is greater than or equal to the initial share price but less than the step level, investors will receive par.
If the final share price is less than the initial share price, investors will be fully exposed to the decline.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | STEP income securities
|
| Underlying stock: | United Technologies Corp.
|
| Amount: | $13,434,180
|
| Maturity: | Oct. 9, 2020
|
| Coupon: | 8%, payable quarterly
|
| Price: | Par of $10
|
| Payout at maturity: | If final share price is greater than or equal to 108% step level, par plus 3.59%; if final share price is greater than or equal to initial share price but less than step level, par; if final share price is less than initial share price, 1% loss for each 1% decline
|
| Initial share price: | $137.62
|
| Step level: | $148.63, 108% of initial share price
|
| Pricing date: | Sept. 26
|
| Settlement date: | Oct. 3
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 1.75%
|
| Cusip: | 09710C188
|
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