By Sarah Lizee
Olympia, Wash., July 30 – BofA Finance, LLC priced $5 million of issuer callable capped notes due July 29, 2034 linked to the difference between the 30-year U.S. dollar ICE swap rate and the two-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 will be 4% initially. Beginning July 29, 2021, the interest rate will be 7.5 times the spread of the 30-year swap rate over the two-year swap rate, subject to a maximum interest rate of 7.5% per year and a minimum rate of zero. Interest will be payable quarterly.
Beginning July 29, 2020, the notes will be callable in whole at par on any quarterly interest payment date.
The payout at maturity will be par.
BofA Securities, Inc. is the underwriter.
| Issuer: | BofA Finance, LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Issuer callable capped notes
|
| Underlying rates: | 30-year and two-year U.S. dollar ICE swap rates
|
| Amount: | $5 million
|
| Maturity: | July 29, 2034
|
| Coupon: | 4% initially; beginning July 29, 2021, 7.5 times the spread of the 30-year swap rate over the two-year swap rate, subject to a maximum interest rate of 7.5% and a 0% floor; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any quarterly interest payment date beginning July 29, 2020
|
| Pricing date: | July 25
|
| Settlement date: | July 29
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 4.5%
|
| Cusip: | 09709THD6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
