By Wendy Van Sickle
Columbus, Ohio, Dec. 9 – BofA Finance LLC priced $1.43 million of contingent income autocallable securities due March 9, 2018 linked to the common stocks of Bristol-Myers Squibb Co., Eli Lilly and Co. and Merck & Co., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above the downside threshold level, 65% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 10%.
The notes will be called at par of $10 plus the contingent coupon if each stock closes at or above its initial share price on any quarterly determination date other than the final determination date.
If the final share price of the least performing stock is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price of the least performing stock is less than the initial share price.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stocks: | Bristol-Myers Squibb Co. (Symbol: BMY), Eli Lilly and Co. (Symbol: LLY) and Merck & Co., Inc. (Symbol: MRK)
|
| Amount: | $1,425,000
|
| Maturity: | March 9, 2018
|
| Coupon: | 10% per year, payable quarterly if each stock closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final share price of each stock is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final share price of least performing stock is less than initial share price
|
| Call: | At par plus contingent coupon if all stocks close at or above initial share price on any quarterly determination date other than final determination date
|
| Initial share price: | $55.96 for Bristol-Myers; $67.71 for Eli Lilly and $61.13 for Merck
|
| Downside thresholds: | $36.37 for Bristol-Myers; $44.01 for Eli Lilly and $39.73 for Merck, 65% of initial share price
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 9
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 09709TAB7
|
|
|
|
|
© 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.
