By Wendy Van Sickle
Columbus, Ohio, Aug. 24 – BofA Finance LLC priced $920,000 of contingent income autocallable securities due Aug. 26, 2019 linked to the common stock of Advanced Micro Devices, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Bank of America Corp.
If Advanced Micro shares close at or above the downside threshold level, 60% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 14.5%.
The notes will be called at par of $10 plus the contingent coupon if Advanced Micro shares close at or above the initial share price on any quarterly determination date.
If the final share price 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 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 stock: | Advanced Micro Devices, Inc.
|
| Amount: | $920,000
|
| Maturity: | Aug. 26, 2019
|
| Coupon: | 14.5% per year, payable quarterly if shares close at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, full exposure to any losses
|
| Call: | At par plus contingent coupon if shares close at or above initial price on any determination date
|
| Initial share price: | $12.05
|
| Downside threshold: | $7.23, 60% of initial share price
|
| Pricing date: | Aug. 24
|
| Settlement date: | Aug. 26
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 3.6%
|
| Cusip: | 09709TAY7
|
|
|
© 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.
