Published on 6/26/2018 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.14 million step-up callable notes with 3.35% start rate
By Susanna Moon
Chicago, June 26 – BofA Finance LLC priced $2.14 million of step-up callable notes due June 22, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.35% for the first three years. After that, it will step up to 4% on June 22, 2021, to 4.5% on June 22, 2022, to 4.75% on June 22, 2023 and to 6% on 4% on June 22, 2024. Interest will be payable semiannually.
The notes will be callable at par after one year.
The payout at maturity will be par.
The notes are guaranteed by Bank of America Corp.
BofA Merrill Lynch is the underwriter.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Step-up callable notes
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Amount: | $2,141,000
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Maturity: | June 22, 2025
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Coupon: | 3.35% initially, stepping up to 4% on June 22, 2021, to 4.5% on June 22, 2022, to 4.75% on June 22, 2023 and to 6% on 4% on June 22, 2024; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any quarterly review date beginning June 22, 2019
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Pricing date: | June 20
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Settlement date: | June 29
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Agent: | BofA Merrill Lynch
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Fees: | 1.127%
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Cusip: | 06048WWU0
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