By William Gullotti
Buffalo, N.Y., March 21 – BofA Finance LLC priced $1.16 million of contingent income autocallable yield notes due March 19, 2026 linked to the shares of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.4% if the shares close at or above their coupon barrier, 70% of their level, on the observation date for that quarter. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
After six months, the notes will be called at par plus any contingent coupon if the shares close above their initial level on any observation date other than the final one.
The payout at maturity will be par the final coupon due unless the stock finishes below its 70% threshold level, in which case investors will be fully exposed to the losses.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
|
| Underlying shares: | Apple Inc.
|
| Amount: | $1,162,000
|
| Maturity: | March 19, 2026
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| Coupon: | 9.4% annual rate, payable quarterly if the shares close at or above coupon barrier on observation date for that quarter; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline
|
| Call: | After six months at par plus any coupon if shares close above their initial levels on any observation date other than final one
|
| Initial level: | $152.99
|
| Coupon barrier: | $107.09, 70% of initial level
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| Downside threshold: | $107.09, 70% of initial level
|
| Pricing date: | March 15
|
| Settlement date: | March 20
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 2.5%
|
| Cusip: | 09709VL38
|
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