BofA to price 8% STEP Income Securities due 2020 linked to Amgen

By Sarah Lizee

Olympia, Wash., Feb. 13 – BofA Finance LLC plans to price 8% STEP Income Securities due March 2020 linked to the common stock of Amgen Inc., according to an FWP filing with the Securities and Exchange Commission.

The notes will be guaranteed by Bank of America Corp.

Interest is payable quarterly.

If the final price of the stock is greater than or equal to the step level, 108% of the initial share price, the payout at maturity will be par of $10 plus the step payment, which is expected to be 1% to 5% and will be set at pricing.

If the final share price is greater than or equal to the initial share price but less than the step level, investors will receive par.

If the final share price is less than the initial share price, investors will be fully exposed to the decline.

BofA Merrill Lynch is the agent.

The notes will price and settle in March.

© 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.