By William Gullotti
Buffalo, N.Y., July 6 – BofA Finance LLC priced $1.79 million of contingent income autocallable yield notes due May 31, 2024 linked to the iShares Silver Trust and the VanEck Vectors Gold Miners 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 quarterly coupon at an annual rate of 8% if each ETF closes above its 70% coupon barrier on the related determination date.
The notes will be called at par plus coupon if each ETF closes at or above its initial level on any quarterly determination date after six months.
If the laggard ETF’s final share price is greater than or equal to its 70% downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% decline in the laggard ETF from its initial level.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income autocallable yield notes
|
| Underlying ETFs: | iShares Silver Trust, VanEck Vectors Gold Miners ETF
|
| Amount: | $1,785,000
|
| Maturity: | May 31, 2024
|
| Coupon: | 8% per year, payable quarterly if ETFs close at or above coupon barrier levels on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If laggard ETF’s final share price is greater than or equal to downside threshold level, par plus any final contingent coupon; otherwise, investors will lose 1% for every 1% decline from the worst performer’s initial level
|
| Call: | At par plus contingent coupon if each ETF closes at or above initial level on any quarterly determination date after six months
|
| Initial levels: | $25.99 for iShares, $39.52 for VanEck
|
| Coupon barriers: | $18.19 for iShares, $27.66 for VanEck; 70% of initial value
|
| Downside thresholds: | $18.19 for iShares, $27.66 for VanEck; 70% of initial value
|
| Pricing date: | May 25
|
| Settlement date: | May 28
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2.5%
|
| Cusip: | 09709UJX7
|
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