Published on 3/28/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $45.63 million 10.93% fixed income issuer callable yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 28 – BofA Finance LLC priced $45.63 million of fixed income issuer callable yield notes due March 27, 2025 linked to the Nasdaq-100 index, Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.93%, paid monthly.
The securities may be called starting Sept. 26, 2024 on any monthly call date.
If the worst performing index gains or no index has closed below its 70% knock-in level value during the life of the notes, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the worst performing index declines.
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: | Fixed income issuer callable yield notes
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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Amount: | $45,631,000
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Maturity: | March 27, 2025
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Coupon: | 10.93%, paid monthly
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above its initial level or no index has ever closed below 70% knock-in level during life of notes, par; otherwise, 1% loss for every 1% that worst performing index declines from initial level
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Call: | Starting Sept. 26, 2024 on any monthly call date
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Initial levels: | 18,339.44 for Nasdaq-100, 2,071.998 for Russell 2000, 5,234.18 for S&P 500
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Knock-in levels: | 12,837.61 for Nasdaq-100, 1,450.399 for Russell 2000, 3,663.93 for S&P 500, 70% of initial level
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Pricing date: | March 22
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Settlement date: | March 27
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Agent: | BofA Securities, Inc.
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Fees: | 0.25%
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Cusip: | 09711BAN6
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