New York, June 20 – BofA Finance LLC priced $10 million of contingent income buffered autocallable securities due June 25, 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 11.5%, paid monthly, if the underlying fund closes at or above its 90% coupon barrier on the related monthly observation date, plus any previously unpaid coupons.
The securities will be called automatically at par if the closing price of the underlying ETF 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 10%, in which case investors will lose 1.1111% for every 1% decline in the ETF beyond 10%.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent. Morgan Stanley Wealth Management is the dealer.
| 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 fund: | SPDR S&P 500 ETF Trust
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| Amount: | $10 million
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| Maturity: | June 25, 2024
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| Coupon: | 11.5%, paid monthly, if the underlying fund closes at or above its 90% coupon barrier on the related monthly observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par if ETF finishes at or above 90% of initial level; otherwise, investors will lose 1.1111% for every 1% decline in the ETF beyond 10%
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| Call: | Automatically at par if the closing price of the underlying ETF is greater than or equal to its initial price on any monthly call determination date
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| Initial level: | $436.66
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| Buffer: | 10%
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| Coupon barrier: | $392.99, 90% of initial level
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| Downside leverage: | 111.11%
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| Strike date: | June 13
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| Pricing date: | June 14
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| Settlement date: | June 20
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| Agent: | BofA Securities, Inc.
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 0.1% including a structuring fee of 0.05%
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| Cusip: | 09711A4F2
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