By Devika Patel
Knoxville, Tenn., July 31 – BofA Finance LLC priced $22.36 million of 0% autocallable market-linked step-up notes due July 31, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Bank of America Corp.
The notes will be automatically called at par of $10 plus an annualized call premium of 6.5% if the index closes at or above the initial index level on Aug. 3, 2018 or July 19, 2019.
If the notes are not called and the final index level is greater than the step-up value, 121% of the initial index level, the payout at maturity will be par plus the index return.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, 21%.
If the final index level is less than the initial level, investors will lose 1% for each 1% decline.
BofA Merrill Lynch is the underwriter.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Autocallable market-linked step-up notes
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Underlying index: | S&P 500
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Amount: | $22,360,950
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Maturity: | July 31, 2020
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but less than or equal to step-up value, par plus 21%; 1% loss for each 1% decline
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Call: | Automatically at par plus annualized call premium of 6.5% if index closes at or above initial index level on Aug. 3, 2018 or July 19, 2019
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Initial index level: | 2,475.42
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Step-up value: | 2,995.26, 121% of initial level
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Pricing date: | July 27
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Settlement date: | Aug. 3
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 097096598
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