By Susanna Moon
Chicago, July 3 – BofA Finance LLC priced $13.49 million of contingent income issuer autocallable notes due July 1, 2020 linked to the worst performing of the SPDR S&P Bank ETF, the SPDR S&P Biotech ETF and the Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 14.75% if each underlying asset closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par if each component closes at or above its initial level on any determination date.
The payout at maturity will be par unless any underlying asset finishes below its 75% threshold level, in which case investors will be fully exposed to any losses of the worst performing index or fund.
The notes are guaranteed by Bank of America Corp.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income issuer autocallable notes
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| Underlying assets: | SPDR S&P Bank ETF, SPDR S&P Biotech ETF and Technology Select Sector SPDR Fund
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| Amount: | $13,486,000
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| Maturity: | July 1, 2020
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| Coupon: | 14.75% annualized, payable quarterly if each asset closes at or above its 75% coupon barrier on observation date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | If each asset finishes at or above threshold level, par; otherwise, 1% loss for each 1% decline of worst performing index or fund
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| Call: | At par if each component closes at or above its initial level on any interest payment date beginning Sept. 26, 2018
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| Initial levels: | $48.29 for bank fund, $96.73 for biotech fund and $69.61 for tech fund
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| Threshold levels: | $36.22 for bank fund, $72.55 for biotech fund and $52.21 for tech fund, 75% of initial levels
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Underwriter: | BofA Merrill Lynch
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| Fees: | 1.75%
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| Cusip: | 09709TFD8
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