By Abigail W. Adams
Portland, Me., Jan. 23 – BofA Finance LLC priced a downsized $300 million 2.6-year cash-settled notes tied to Charter Communications Inc. after the market close on Wednesday with a reoffer price of 103.25, a coupon of 0.125% an initial conversion premium of 22.5%, according to a market source.
Pricing came wider than talk for a reoffer price of 104 and at the cheap end of talk for a coupon of 0% to 0.125% and an initial conversion premium of 22.5% to 25%, according to market sources.
The initial size of the deal was $500 million.
BofA Securities Inc. was the bookrunner for the registered offering.
There will be takeover and dividend protection.
The reference share price will be the volume weighted average price of Charter stock over the five consecutive trading days following the pricing of the notes.
BofA Finance is a Charlotte, N.C.-based provider of diversified banking services.
Charter Communications is a Stamford, Conn.-based telecommunications company.
| Issuer: | BofA Finance LLC
|
| Securities: | Cash-settled equity-linked notes
|
| Reference stock: | Charter Communications Inc.
|
| Amount: | $300 million
|
| Maturity: | Sept. 1, 2022
|
| Bookrunner: | BofA Securities Inc.
|
| Coupon: | 0.125%
|
| Price: | 103.25
|
| Conversion premium: | 22.5%
|
| Pricing date: | Jan. 22
|
| Settlement date: | Jan. 27
|
| Distribution: | Registered
|
| Talk: | Reoffer price of 103.25, coupon of 0% to 0.125% and initial conversion premium of 22.5% to 25%
|
| Stock symbol: | Nasdaq: CHTR
|
| Stock price: | VWAP over five consecutive trading days following pricing
|
| Market capitalization: | $110.09 billion
|
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