By William Gullotti
Buffalo, N.Y., Nov. 10 – BofA Finance LLC priced $2.85 million of contingent income autocallable yield notes due Nov. 9, 2023 linked to the shares of the Energy 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 8% if the shares close at or above their coupon barrier, 70% of their level, on the relevant observation date.
After six months, the notes will be called at par plus the 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 ETF 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.
|
| Issue: | Contingent income autocallable yield notes
|
| Underlying fund: | Energy Select Sector SPDR Fund
|
| Amount: | $2,853,000
|
| Maturity: | Nov. 9, 2023
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| Coupon: | 8% annual rate, payable quarterly if the shares close at or above coupon barrier on the corresponding observation date
|
| Price: | Par
|
| Payout at maturity: | If ETF finishes at or above downside threshold, par plus final coupon; otherwise 1% loss for each 1% decline from initial level
|
| Call: | After six months, at par plus coupon if shares close above initial level on any observation date other than final one
|
| Initial level: | $58.26
|
| Coupon barrier: | $40.78; 70% of initial level
|
| Downside threshold: | $40.78; 70% of initial level
|
| Pricing date: | Nov. 5
|
| Settlement date: | Nov. 10
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 1.75%
|
| Cusip: | 09709UVJ4
|
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