Chicago, July 15 – BofA Finance LLC priced $13.06 million of 0% autocallable market-linked step-up notes due June 24, 2022 tied to the Hang Seng China Enterprises index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called at par of $10 plus a premium of 12% per year if the index's closing level is greater than or equal to the initial level on any annual observation date.
If the index finishes above the step-up value, 148% of the initial value, the payout at maturity will be par plus the index return.
If the index return is zero or positive but the index finishes at or below the step-up value, the payout will be par plus the step-up payment of 48%.
Investors will be fully exposed to any losses of the index.
BofA Securities, Inc. is the underwriter.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Autocallable market-linked step-up notes
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Underlying index: | Hang Seng China Enterprises
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Amount: | $13,064,040
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Maturity: | June 24, 2022
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index finishes above step-up value, par plus index return; if index stays flat or gains but finishes at or below step-up value, par plus 48%; exposure to any losses
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Call: | Automatically at par plus a premium of 12% per year if the index's closing level is greater than or equal to the initial level on any annual observation date
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Initial index level: | 10,897.13
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Step-up value: | 16,127.75, 148% of initial value
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Pricing date: | June 27
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Settlement date: | July 5
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Underwriter: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 097098685
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