By William Gullotti
Buffalo, N.Y., July 6 – BofA Finance LLC priced $3.67 million of contingent income autocallable yield notes due May 31, 2024 linked to the worst performing of the Energy Select Sector SPDR Fund and the Financial 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 8.5% if each underlying ETF closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par plus coupon if each ETF closes above its initial level on any quarterly determination date after six months.
The payout at maturity will be par unless any ETF finishes below its 70% threshold level, in which case investors will be fully exposed to any losses of the worst performing ETF.
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 assets: | Energy Select Sector SPDR Fund, Financial Select Sector SPDR Fund
|
| Amount: | $3,668,000
|
| Maturity: | May 31, 2024
|
| Coupon: | 8.5% annualized, payable quarterly if each ETF closes at or above its coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing ETF from its initial level
|
| Call: | At par plus coupon if each ETF closes above its initial level on any quarterly determination date after six months
|
| Initial levels: | $37.38 for Financial, $51.61 for Energy
|
| Coupon barriers: | $26.17 for Financial, $36.13 for Energy; 70% of initial levels
|
| Downside thresholds: | $26.17 for Financial, $36.13 for Energy; 70% of initial levels
|
| Pricing date: | May 25
|
| Settlement date: | May 28
|
| Selling agent: | BofA Securities, Inc.
|
| Fees: | 2.5%
|
| Cusip: | 09709UJY5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
