Published on 1/23/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $842,000 autocallables linked to Dow, Nasdaq, Russell
By Angela McDaniels
Tacoma, Wash., Jan. 23 – BofA Finance LLC priced $842,000 of 0% autocallable notes due May 1, 2026 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Beginning April 30, 2024, the notes will be automatically called at par plus 16.75% per year if each index closes at or above its initial level on any semiannual call observation date.
If the least performing index’s final level is greater than or equal to its initial level, the payout at maturity will be par plus 50.25%. If its final level is less than its initial level but greater than or equal to 70% of its initial level, the payout will be par. Otherwise, investors will lose 1% for every 1% that the least performing index declines from its initial level.
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: | Autocallable notes
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| Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
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| Amount: | $842,000
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| Maturity: | May 1, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If least performing index’s final level is greater than or equal to initial level, par plus 50.25%; if least performing index’s final level is less than initial level but greater than or equal to threshold level, par; otherwise, 1% loss for every 1% that least performing index declines from initial level
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| Call: | Beginning April 30, 2024, automatically at par plus 16.75% per year if each index closes at or above initial level on any semiannual call observation date
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| Initial levels: | 34,098.16 for Dow, 13,245.99 for Nasdaq and 1,768.987 for Russell
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| Threshold levels: | 23,868.71 for Dow, 9,272.19 for Nasdaq and 1,238.291 for Russell, or 70% of initial level
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| Pricing date: | April 28, 2023
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| Settlement date: | May 3, 2023
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.875%
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| Cusip: | 09709VQ74
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