By William Gullotti
Buffalo, N.Y., Nov. 7 – BofA Finance LLC priced $1.69 million of contingent income autocallable yield notes due Oct. 31, 2024 linked to the shares of International Business Machines Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if the shares close at or above their coupon barrier, 70% of their level, on the observation date for that quarter.
After six months, the notes will be called at par plus the contingent coupon if the shares close at or above their initial level on any observation date other than the final one.
The payout at maturity will be par the final coupon unless the stock finishes below its 70% threshold level, in which case investors will be fully exposed to the losses.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income autocallable yield notes
|
| Underlying shares: | International Business Machines Corp.
|
| Amount: | $1,685,000
|
| Maturity: | Oct. 31, 2024
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| Coupon: | 12% annual rate, payable quarterly if the shares close at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline
|
| Call: | At par plus coupon if shares close at or above their initial levels on any observation date after six months
|
| Initial level: | $138.51
|
| Coupon barrier: | $96.96, 70% of initial level
|
| Downside threshold: | $96.96, 70% of initial level
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 2
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 1.75%
|
| Cusip: | 09709V6U5
|
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