Published on 9/27/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $7.96 million 9% callable contingent income securities on indexes
New York, Sept. 27 – BofA Finance LLC priced $7.96 million of callable contingent income securities due Sept. 25, 2025 linked to S&P 500 index, Russell 2000 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 9%, paid quarterly, if each underlying index closes at or above its 65% coupon barrier on every day that period.
The securities may be called starting Dec. 28 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 65% downside threshold in which case investors will be fully exposed to the decline of that index.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent. Morgan Stanley will act as distributor.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Callable contingent income securities
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
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| Amount: | $7,956,000
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| Maturity: | Sept. 25, 2025
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| Coupon: | 9%, paid quarterly, if each underlying index closes at or above its 65% coupon barrier every day that period
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| Price: | Par
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| Payout at maturity: | Par unless the worst performing index closes below its downside threshold level in which case investors will be fully exposed to the decline in the worst performing underlying index
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| Call: | Starting Dec. 28 at par on any quarterly call date
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| Initial levels: | 14,701.1 for NASDAQ-100 Index, 1,776.503 for Russell 2000 Index, 4,320.06 for S&P 500 Index
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| Downside threshold: | 9,555.72 for NASDAQ-100 Index, 1,154.727 for Russell 2000 Index, 2,808.04 for S&P 500 Index, 65% of initial levels
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| Coupon barriers: | 9,555.72 for NASDAQ-100 Index, 1,154.727 for Russell 2000 Index, 2,808.04 for S&P 500 Index, 65% of initial levels
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 27
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| Agent: | BofA Securities, Inc.
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| Distributor: | Morgan Stanley
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| Fees: | 2% including a structuring fee of 0.5%
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| Cusip: | 09711AP77
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