By William Gullotti
Buffalo, N.Y., March 26 – BofA Finance LLC priced $350 million of 1% cash-settled equity-linked notes due March 25, 2027 linked to the stock performance of Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp. and were sold at $1,100 per $1,000 principal amount, resulting in proceeds totaling $385 million.
Interest is payable semiannually.
The payout at maturity will be the greater of par of $1,000 and the alternative settlement amount. The alternative settlement amount is the product of $1,000 times the quotient of the final stock price divided by the 114.5% threshold price. In other words, investors will not receive any positive return at maturity unless the stock appreciates by more than 14.5%.
BofA Securities, Inc. is the underwriter.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Cash-settled equity-linked notes
|
| Underlying stock: | Amazon.com, Inc.
|
| Amount: | $350 million
|
| Proceeds: | $385 million
|
| Maturity: | March 25, 2027
|
| Coupon: | 1%, payable semiannually
|
| Price: | $1,100 per $1,000 note
|
| Payout at maturity: | Greater of (i) $1,000 and (ii) product of $1,000 times the quotient of the final stock price divided by the threshold price
|
| Initial price: | $178.337
|
| Threshold price: | $204.196; 114.5% of initial price
|
| Pricing date: | March 21
|
| Settlement date: | March 28
|
| Agent: | BofA Securities, Inc.
|
| Fees: | None
|
| Cusip: | 09711BER3
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
