By Wendy Van Sickle
Columbus, Ohio, Dec. 29 – BofA Finance LLC priced $1 million of autocallable contingent coupon (with memory) barrier notes due June 26, 2025 linked to the iShares Silver trust, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 9.5% per year if the trust closes at or above 80% of its initial level on the observation date for that period, plus any previously unpaid coupon.
Beginning in June 2024, the notes will be automatically called at par if the trust closes at or above its initial level on any quarterly observation date.
If the final trust level is at least 80% of the initial trust level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the trust declines from its initial level.
The notes are guaranteed by Bank of America Corp.
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 contingent coupon (with memory) barrier notes
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| Underlying trust: | iShares Silver trust
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| Amount: | $1 million
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| Maturity: | June 26, 2025
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| Coupon: | 9.5% per year, payable quarterly if trust closes at or above 80% of initial level on observation date for that period, plus any previously unpaid coupon
|
| Price: | Par
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| Payout at maturity: | If final trust level is at least 80% of initial trust level, par; otherwise, 1% loss for every 1% that trust declines from its initial level
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| Call: | Beginning in June 2024, automatically at par if trust closes at or above initial level on any quarterly observation date
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| Initial level: | $21.80
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| Buffer level: | $17.44, 80% of initial level
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| Pricing date: | Dec. 18
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| Settlement date: | Dec. 26
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| Underwriter: | BofA Securities, Inc.
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| Fees: | 1%
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| Cusip: | 09710M533
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