By Marisa Wong
Morgantown, W.Va., April 15 – BofA Finance LLC priced $568,000 of contingent income buffered autocallable notes due Sept. 28, 2026 linked to the least performing of the VanEck Vectors Gold Miners exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a contingent quarterly coupon at an annual rate of 9.25% if each underlying asset closes at or above its 70% coupon barrier on the relevant quarterly observation date.
The notes will be called at par plus the coupon if each underlying asset closes at or above its initial level on any observation date starting on March 23, 2020.
The payout at maturity will be par plus the final coupon, if any, if the least performing asset finishes at or above its 80% threshold value. Otherwise, investors will be exposed to the losses of the least performing asset beyond 20%.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income buffered autocallable notes
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| Underlying ETFs: | VanEck Vectors Gold Miners ETF, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $568,000
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| Maturity: | Sept. 28, 2026
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| Coupon: | 9.25% per year; payable each quarter that each ETF’s closing level is greater than or equal to coupon barrier on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless either ETF finishes below threshold value, in which case investors will be fully exposed to any losses of the lesser performing ETF
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| Call: | Automatically at par plus the coupon if each underlying component closes at or above its initial level on any observation date starting on March 23, 2020
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| Initial values: | $23.26 for gold ETF, $30.08 for oil ETF
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| Coupon barriers: | $16.28 for gold ETF, $21.06 for oil ETF; 70% of initial values
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| Threshold values: | $18.61 for gold ETF, $24.06 for oil ETF; 80% of initial values
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| Pricing date: | March 25
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| Settlement date: | March 28
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| Underwriter: | BofA Merrill Lynch
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| Fees: | 4%
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| Cusip: | 09709TPH8
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