Published on 6/8/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $20.83 million 13.25% callable contingent income notes on indexes
New York, June 8 – BofA Finance LLC priced $20.83 million of callable contingent income securities due June 5, 2026 linked to S&P 500 index, Russell 2000 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13.25%, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date.
The securities may be called starting Sept. 8 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 70% downside threshold in which case investors will be fully exposed to the decline of that index.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent with Morgan Stanley Wealth Management as a dealer.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Callable contingent income securities
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
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| Amount: | $20.83 million
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| Maturity: | June 5, 2026
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| Coupon: | 13.25%, paid quarterly, if each underlying index closes at or above its 75% coupon barrier on the related quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing index closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying index
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| Call: | Starting Sept. 8 at par on any quarterly call date
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| Initial levels: | 14,546.64, for NASDAQ-100 Index, 1,830.906, for Russell 2000 Index, 4,282.37 for S&P 500 Index
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| Downside threshold: | 10,182.65 for NASDAQ-100 Index, 1,281.634 for Russell 2000 Index, 2,997.66 for S&P 500 Index, 70% of initial levels
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| Coupon barriers: | 10,909.98 for NASDAQ-100 Index, 1,373.180 for Russell 2000 Index, 3,211.78 for S&P 500 Index, 75% of initial levels
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| Pricing date: | June 2
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| Settlement date: | June 7
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| Agent: | BofA Securities, Inc. with Morgan Stanley Wealth Management as a dealer
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| Fees: | 1.9286% including a structuring fee of 0.4286%
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| Cusip: | 09711A2J6
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