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BofA to price market-linked step-up notes due 2020 linked to S&P 500
By Sarah Lizee
Olympia, Wash., July 18 – BofA Finance LLC plans to price 0% market-linked step-up notes due July 2020 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.
If the index finishes above the step-up value, 110% to 116% of the initial level, the payout at maturity will be par plus the index return.
If the index is flat or gains by up to the step-up value, the payout will be par of $10 plus the step-up payment of 10% to 16%.
The exact step-up value and payment will be set at pricing.
Investors will lose 1% for each 1% decline of the index from its initial level.
BofA Merrill Lynch is the agent.
The notes will price in July and settle in August.
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