Chicago, April 25 – BofA Finance LLC priced $6.23 million of autocallable notes due Jan. 29, 2027 linked to the least performing of the Russell 2000 index and the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be called with a 9.45% annualized premium if both assets close above their call levels on a related quarterly observation date starting after six months. For the first year, the call level is 100% of the initial level. In the second year, the call level steps down to 95% and in the final year it is 90%.
At maturity, if both assets close above their 90% redemption thresholds, investors will receive par plus 28.35%.
Investors will receive par if the worst performer finishes between 70% and 90% of its initial level.
Otherwise, investors will be fully exposed to the losses of the worst performer.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Autocallable notes
|
| Underlying assets: | Russell 2000 index and Financial Select Sector SPDR Fund
|
| Amount: | $6,232,000
|
| Maturity: | Jan. 29, 2027
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 28.35% if both assets finish above 90% of initial levels; par if worst performer finishes between 70% and 90% of initial level; otherwise, 1% loss for each 1% decline from initial level
|
| Call: | Par plus 9.45% annualized premium if both assets close above call levels on quarterly call observation dates starting after six months; call level first year is 100% of initial level; call level is 95% of initial level in second year; call level is 90% of initial level in third year
|
| Initial levels: | $38.65 for fund, 1,978.331 for index
|
| Redemption barrier levels: | $34.79 for fund, 1,780.498 for index; 90% of initial levels
|
| Barrier levels: | $27.06 for fund, 1,384.832 for index; 70% of initial levels
|
| Pricing date: | Jan. 26
|
| Settlement date: | Jan. 31
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 09710PNS1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
