Published on 4/22/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $12.8 million 8.01% callable contingent income securities on indexes
New York, April 22 – BofA Finance LLC priced $12.8 million of callable contingent income securities due April 21, 2028 linked to S&P 500 index, Russell 2000 index and MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.01%, paid quarterly, if each underlying index closes at or above its 70% coupon barrier on the related quarterly observation date.
The securities may be called starting July 22 at par on any quarterly call date.
At maturity the payout will be par unless the worst performing index closes below its 60% downside threshold in which case investors will be fully exposed to the decline of the worst performing 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 MSCI EAFE index
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| Amount: | $12.8 million
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| Maturity: | April 21, 2028
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| Coupon: | 8.01%, paid quarterly, if each underlying index closes at or above its 70% coupon barrier on the related quarterly observation date
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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 index
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| Call: | Starting July 22 at par on any quarterly call date
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| Initial levels: | 2,237.99 for MSCI EAFE, 1,947.947 for Russell 2000, 5,022.21 for S&P 500
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| Downside thresholds: | 1,342.79 for MSCI EAFE, 1,168.768 for Russell 2000, 3,013.33 for S&P 500, 60% of initial levels
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| Coupon barriers: | 1,566.59 for MSCI EAFE, 1,363.563 for Russell 2000, 3,515.55 for S&P 500, 70% of initial levels
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| Pricing date: | April 17
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| Settlement date: | April 22
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| Agent: | BofA Securities, Inc.
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| Distributor: | Morgan Stanley
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| Fees: | 2.0002%
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| Cusip: | 09711BNX0
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