New York, May 24 – BofA Finance LLC priced $20 million of contingent income buffered autocallable securities due May 29, 2024 linked to SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 12.1%, paid monthly, if the underlying fund closes at or above its 85% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically starting June 23 at par if the price of the underlying stock is greater than or equal to its initial price on any monthly call determination date.
At maturity the payout will be par unless the ETF declines by more than its 15% buffer in which case investors will be exposed to 117.65% of the decline of the ETF beyond the buffer.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. 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 securities
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| Underlying indexes: | SPDR S&P 500 ETF Trust
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| Amount: | $20 million
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| Maturity: | May 29, 2024
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| Coupon: | 12.1%, paid monthly, if the underlying fund closes at or above its 85% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | Par if ETF gains or loses no more than its 15% buffer, otherwise investors will be exposed to 117.65% of the decline in the ETF beyond the buffer
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| Call: | Automatically starting June 23 at par if the price of the underlying stock is greater than or equal to its initial price on any monthly call determination date
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| Initial levels: | $415.23
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| Buffer: | 15%
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| Coupon barrier: | $352.95, 85% of initial level
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| Downside leverage: | 117.65%
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| Pricing date: | May 18
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| Settlement date: | May 23
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.1% including a structuring fee of 0.05%
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| Cusip: | 09709VY59
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