Published on 2/5/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $4.01 million buffered autocallable notes tied to Russell, S&P
By William Gullotti
Buffalo, N.Y., Feb. 5 – BofA Finance LLC priced $4.01 million of 0% buffered autocallable notes due Jan. 28, 2027 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 12% annualized call premium if each index closes at or above its initial level on any semiannual call date after one year.
The payout at maturity will be par plus 36% if each index finishes at or above its initial level.
If the laggard index falls by up to 20%, the payout will be par. Otherwise, investors will lose 1.25% for each 1% decline of the worst performer beyond 20%.
The notes will be guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Buffered autocallable notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $4,005,000
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| Maturity: | Jan. 28, 2027
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | Par plus 36% if each index finishes at or above initial level; par if laggard index falls by up to 20%; otherwise, 1.25% loss for every 1% that worst performer declines beyond 20%
|
| Call: | After one year, automatically at par plus 12% annualized call premium if each index closes at or above initial level on any semiannual call date after one year
|
| Initial levels: | 1,975.878 for Russell, 4,894.16 for S&P
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| Threshold levels: | 1,580.702 for Russell, 3,915.33 for S&P; 80% of initial levels
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| Pricing date: | Jan. 25
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| Settlement date: | Jan. 30
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 0.25%
|
| Cusip: | 09710PPC4
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