By Susanna Moon
Chicago, July 25 – BofA Finance LLC priced $895,000 of contingent income issuer callable notes due July 23, 2020 linked to the worse performing of the SPDR S&P Oil & Gas Exploration & Production ETF 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 9.5% if each underlying asset closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes are callable at par on any determination date.
The payout at maturity will be par unless either underlying asset finishes below its 65% threshold level, in which case investors will be fully exposed to any losses of the worse performing fund.
The notes are guaranteed by Bank of America Corp.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income issuer callable notes
|
| Underlying assets: | SPDR S&P Oil & Gas Exploration & Production ETF and Financial Select Sector SPDR Fund
|
| Amount: | $895,000
|
| Maturity: | July 23, 2020
|
| Coupon: | 9.5% annualized, payable quarterly if each asset closes at or above its 65% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above threshold level, par; otherwise, 1% loss for each 1% decline of worse performing fund
|
| Call option: | At par on any interest payment date beginning Jan. 25, 2019
|
| Initial levels: | $42.50 for oil fund and $27.56 for financial fund
|
| Threshold levels: | $27.63 for oil fund and $17.91 for financial fund, 65% of initial levels
|
| Pricing date: | July 20
|
| Settlement date: | July 25
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 09709TFR7
|
|
|
|
|
© 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.
