Published on 4/26/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $19 million contingent income buffered issuer callable yield notes
New York, April 26 – BofA Finance LLC priced $19.00 million of contingent income buffered issuer callable yield notes due Feb. 18, 2027 linked to the Russell 1000 Growth index, the Russell 2000 index and the Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.1%, paid monthly, if each underlier closes at or above its 75% coupon barrier on the related monthly observation date.
The securities may be called at par on any monthly call date starting May 16.
If the worst performing asset finishes at or above its 75% threshold value, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will lose 1.33333% for every 1% that the worst performing asset declines beyond 25%.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income buffered issuer callable yield notes
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| Underlying assets: | Russell 1000 Growth index, Russell 2000 index and Utilities Select Sector SPDR Fund
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| Amount: | $19,004,000
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| Maturity: | Feb. 18, 2027
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| Coupon: | 10.1%, paid monthly, if each underlier closes at or above its 75% coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above its 75% threshold value, par; otherwise, 1.33333% loss for every 1% that worst performing asset declines below its threshold value
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| Call option: | At par on any monthly call date starting May 16
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| Initial levels: | 3,298.408 for Russell 1000 Growth, 2,045.257 for Russell 2000, $60.97 for Utilities Select Sector SPDR Fund
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| Downside thresholds: | 2,473.806 for Russell 1000 Growth, 1,533.943 for Russell 2000, $45.73 for Utilities Select Sector SPDR Fund, 75% of initial levels
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| Coupon barriers: | 2,473.806 for Russell 1000 Growth, 1,533.943 for Russell 2000, $45.73 for Utilities Select Sector SPDR Fund, 75% of initial levels
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| Strike date: | Feb. 12
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| Pricing date: | Feb. 16
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| Settlement date: | Feb. 22
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.06%
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| Cusip: | 09710PXC5
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