By William Gullotti
Buffalo, N.Y., Nov. 15 – BofA Finance LLC priced $4.15 million of callable capped notes due Nov. 12, 2036 linked to 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 is fixed at 5% for the first year. Beginning Nov. 12, 2022, the interest rate will be five times the amount by which the 30-year swap rate exceeds the two-year swap rate, subject to a minimum of zero and a maximum interest rate of 8% per year. Interest is payable quarterly.
Beginning Nov. 12, 2022, the notes will be callable at par on any interest payment date.
The payout at maturity will be par.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Callable capped notes
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| Underlying: | 30-year and two-year U.S. dollar ICE swap rates
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| Amount: | $4,146,000
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| Maturity: | Nov. 12, 2036
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| Coupon: | 5% for first year; beginning Nov. 12, 2022, five times the quantity of 30-year U.S. dollar ICE swap rate minus two-year U.S. dollar ICE swap rate, capped at 8% and floor of zero; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | At par on any quarterly interest payment date beginning Nov. 12, 2022
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| Pricing date: | Nov. 9
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| Settlement date: | Nov. 12
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| Agent: | BofA Securities, Inc.
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| Fees: | 3.522%
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| Cusip: | 09709T6E6
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