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BofA to sell five-year market-linked step-up autocallables on S&P 500
By Devika Patel
Knoxville, Tenn., July 6 – BofA Finance LLC plans to price autocallable market-linked step-up notes due July 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at an annual call premium of 6.5% to 7.5% if the index closes at or above its initial level on the annual observation dates in August 2018 and July 2019. The exact call premium will be set at pricing.
If the index finishes above the step-up level – 121% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index is unchanged or gains by up to the step-up level, the payout will be par plus the step-up payment of 21%.
Investors will lose 1% for each 1% decline from the initial level.
BofA Merrill Lynch is the agent.
The notes will price in July and settle in August.
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