Published on 4/22/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $10.55 million 7.8% contingent income callable yield notes with memory on S&P 500
By Wendy Van Sickle
Columbus, Ohio, April 22 – BofA Finance LLC priced $10.55 million of contingent income (with memory feature) issuer callable yield notes due Oct. 22, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 7.8%, paid monthly, if the underlying index closes at or above its 70% coupon barrier on the related monthly observation date, plus any previously unpaid coupon.
The securities may be called starting on Oct. 22, 2024 and on any subsequent determination date.
If the index gains or ends above its 70% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the index declines if it finishes below its threshold value.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income (with memory feature) issuer callable yield notes
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Underlying index: | S&P 500 index
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Amount: | $10,549,000
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Maturity: | Oct. 22, 2026
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Coupon: | 7.8%, paid monthly, if the underlying index closes at or above its 70% coupon barrier on the related monthly observation date; plus any previously unpaid coupon
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Price: | Par
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Payout at maturity: | If index finishes at or above its 70% threshold value, par; 1% loss for every 1% that index declines if it finishes below its threshold value
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Call: | Starting on Oct. 22, 2024 and on any subsequent determination date
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Initial level: | 5,022.21
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Downside threshold: | 3,515.55, 70% of initial level
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Coupon barrier: | 3,515.55, 70% of initial level
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Pricing date: | April 17
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Settlement date: | April 22
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Agent: | BofA Securities, Inc.
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Fees: | 0.25%
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Cusip: | 09711BNR3
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