Published on 12/28/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $2.22 million buffered autocallable notes tied to Nasdaq, S&P, Russell
By William Gullotti
Buffalo, N.Y., Dec. 28 – BofA Finance LLC priced $2.22 million of 0% buffered autocallable notes due July 3, 2025 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 9.1% annualized premium if each index closes at or above its call level on any monthly call valuation date after one year. Call level starts at 100% of initial level and steps down by approximately 3.8889% after each subsequent valuation.
The payout at maturity will be par plus a 15.925% supplemental payment if each index finishes at or above its 75% threshold level.
If the worst performer finishes below its threshold but at or above its 65% redemption barrier, investors will lose 1.33333% for each 1% decline of the worst performer below 25% plus the supplemental payment.
Otherwise, investors will lose 1.33333% for each 1% decline of the worst performer below 25%.
The notes will be guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Buffered autocallable notes
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| Underlying indexes: | Nasdaq-100 index, S&P 500 index, Russell 2000 index
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| Amount: | $2.22 million
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| Maturity: | July 3, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 15.925% supplemental payment if each index finishes at or above threshold level; if the worst performer finishes below threshold but at or above redemption barrier, lose 1.33333% for each 1% decline of the worst performer below 25% plus the supplemental payment; otherwise, lose 1.33333% for each 1% decline of the worst performer below 25%
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| Call: | Automatically at par plus 9.1% annualized premium if each index closes at or above call level on any monthly call valuation date after one year; call level starts equal to initial level and steps down by approximately 3.8889% after each subsequent valuation
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| Initial levels: | 1,785.102 for Russell, 14,715.24 for Nasdaq, 4,288.05 for S&P
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| Threshold levels: | 1,338.827 for Russell, 11,036.43 for Nasdaq, 3,216.04 for S&P; 75% of initial levels
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| Redemption barriers: | 1,160.316 for Russell, 9,564.91 for Nasdaq, 2,787.23 for S&P; 65% of initial levels
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| Pricing date: | Sept. 29
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| Settlement date: | Oct. 4
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 0.1%
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| Cusip: | 09711ASX7
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