By Marisa Wong
Morgantown, W.Va., Jan. 31 – BofA Finance LLC priced $35.46 million of 0% autocallable market-linked step-up notes due Jan. 31, 2025 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 closes at or above its initial level on an annual observation date, the notes will be called at par plus a premium of 7.32% a year.
If the index finishes above the step-up level – 130% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 30%.
If the index falls by up to 15%, the payout will be par. Investors will be exposed to any losses beyond 15%.
BofA Merrill Lynch is the agent.
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 index
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Amount: | $35,459,130
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Maturity: | Jan. 31, 2025
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index gains up to the step-up level, par plus 30%; par if index falls by up to 15%; exposure to any losses beyond 15%
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Initial level: | 2,642.33
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Step-up value: | 3,435.03, 130% of initial level
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Buffer level: | 2,245.98
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Pricing date: | Jan. 24
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Settlement date: | Jan. 31
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 097098230
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