By William Gullotti
Buffalo, N.Y., July 26 – BofA Finance LLC priced $6.36 million of contingent income autocallable yield notes due July 23, 2026 tied to the stocks of Microsoft Corp. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at the rate of 9% per year if each stock closes at or above its coupon barrier level, 55% of its initial level, on the observation date that period.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial level on any quarterly call determination date.
If the notes are not called and each stock finishes at or above its 55% downside threshold level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
|
| Underlying stocks: | Microsoft Corp., JPMorgan Chase & Co.
|
| Amount: | $6,358,000
|
| Maturity: | July 23, 2026
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| Coupon: | 9% per year, payable quarterly if each stock closes at or above coupon barrier level on any observation date
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold, par plus final coupon; otherwise, full exposure to decline of lowest-performing stock from its initial level
|
| Call: | At par plus coupon if each stock closes at or above its initial level on any quarterly call determination date
|
| Initial levels: | $346.87 for Microsoft, $156.15 for JPMorgan
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| Coupon barriers: | $190.78 for Microsoft, $85.88 for JPMorgan; 55% of initial levels
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| Downside threshold levels: | $190.78 for Microsoft, $85.88 for JPMorgan; 55% of initial levels
|
| Pricing date: | July 20
|
| Settlement date: | July 25
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 09711AB98
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