By Marisa Wong
Morgantown, W.Va., March 26 – BofA Finance, LLC priced $2 million of issuer callable capped notes due March 20, 2038 linked to the difference between the 30-year U.S. dollar ICE swap rate and the two-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The interest rate will be 15 times the spread of the 30-year swap rate over the two-year swap rate, subject to a maximum interest rate of 10% per year and a minimum rate of zero. Interest will be payable quarterly.
Beginning March 20, 2019, the notes will be callable in whole at par on any quarterly call date.
The payout at maturity will be par.
BofA Merrill Lynch is the underwriter.
| Issuer: | BofA Finance, LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Callable capped notes
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| Underlying: | 30-year and two-year Constant Maturity Swap rates
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| Amount: | $2 million
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| Maturity: | March 20, 2038
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| Coupon: | 15 times spread of 30-year CMS rate over two-year CMS rate, with cap of 10% and floor of zero; payable quarterly
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| Price: | Variable
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| Payout at maturity: | Par
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| Call option: | At par on any quarterly interest payment date beginning March 20, 2019
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| Pricing date: | March 16
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| Settlement date: | March 20
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| Agent: | BofA Merrill Lynch
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| Fees: | Up to 4% for selling concessions
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| Cusip: | 09709TDX6
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