Published on 7/9/2023 in the Prospect News Structured Products Daily.
New Issue: Bank of America prices $247,000 floating-rate notes on SOFR ICE swap rates
By Kiku Steinfeld
Chicago, July 10 – BofA Finance LLC priced $247,000 of floating-rate notes due Feb. 15, 2028 linked to the highest performing of the 30-year U.S. dollar SOFR ICE swap rate, the two-year U.S. dollar SOFR ICE swap rate, the 10-year U.S. dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be equal to the highest performing swap rate, subject to a floor of 2% per annum and a ceiling of 8% per annum. Interest will be payable monthly.
The payout at maturity will be par plus any interest.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Floating-rate notes
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Underlying index: | 30-year U.S. dollar SOFR ICE swap rate, two-year U.S. dollar SOFR ICE swap rate, 10-year U.S. dollar SOFR ICE swap rate
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Amount: | $247,000
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Maturity: | Feb. 15, 2028
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Coupon: | Highest performing swap rate, subject to a floor of 2% per annum and a ceiling of 8% per annum; payable monthly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Feb. 13, 2023
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Settlement date: | Feb. 16, 2023
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Agent: | BofA Securities, Inc.
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Fees: | 1.5%
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Cusip: | 09709T6X4
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