By Sarah Lizee
Olympia, Wash., April 30 – BofA Finance, LLC priced $500,000 of issuer callable capped notes due Oct. 27, 2021 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 will be guaranteed by Bank of America Corp.
The interest rate will be fixed at 3.5% initially. Beginning April 27, 2019, the interest rate will be 11 times the spread of the 30-year swap rate over the two-year swap rate, subject to a maximum interest rate of 8% per year and a minimum rate of zero. Interest will be payable quarterly.
Beginning April 27, 2019, the notes will be callable in whole at par on any quarterly call date.
The payout at maturity will be par.
BofA Merrill Lynch is the underwriter.
| Issuer: | BofA Finance, LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Issuer callable capped notes
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| Underlying rates: | 30-year and two-year U.S. dollar ICE swap rates
|
| Amount: | $500,000
|
| Maturity: | Oct. 27, 2021
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| Coupon: | 3.5% initially; beginning April 27, 2019, 11 times the spread of the 30-year swap rate over the two-year swap rate, subject to a maximum interest rate of 8% per year and a minimum rate of zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any quarterly interest payment date beginning April 27, 2019
|
| Pricing date: | April 25
|
| Settlement date: | April 27
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.5%
|
| Cusip: | 09709TEH0
|
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