By William Gullotti
Buffalo, N.Y., May 31 – BofA Finance LLC priced $1 million of autocallable contingent coupon (with memory) barrier notes due Dec. 3, 2024 linked to the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes pay a contingent quarterly coupon at an annual rate of 9.25% if the ETF closes at or above its coupon barrier price, 70% of its initial price, on the corresponding observation date. Previously unpaid coupons, if any, will automatically include any previously unpaid coupons.
The notes will be called at par plus coupon if the ETF closes at or above its initial share price on any quarterly observation date after six months.
If the notes are not called and the ETF finishes at or above its 70% trigger price, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% decline of the ETF from its initial share price.
BofA Securities, Inc. is the underwriter.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Autocallable contingent coupon (with memory) barrier notes
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| Underlying fund: | iShares Silver Trust
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| Amount: | $1 million
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| Maturity: | Dec. 3, 2024
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| Coupon: | 9.25% annual rate, payable quarterly if ETF closes at or above trigger price on the corresponding observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par of $10
|
| Payout at maturity: | If ETF finishes at or above trigger price, par plus final coupon; otherwise, investors will be fully exposed to the decline of the ETF from its initial level
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| Call: | At par plus coupon if ETF closes at or above initial share price on any quarterly observation date after six months
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| Initial share price: | $20.86
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| Coupon barrier price: | $14.60; 70% of initial price
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| Trigger price: | $14.60; 70% of initial price
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| Pricing date: | May 25
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| Settlement date: | June 2
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| Underwriter: | BofA Securities, Inc.
|
| Fees: | 1%
|
| Cusip: | 06054E689
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