BofA to price autocallable market-linked step-up notes on Russell

By Sarah Lizee

Olympia, Wash., June 11 – BofA Finance LLC plans to price autocallable market-linked step-up notes due May 2022 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus an annualized call premium of 8.5% to 9.5% if the index closes at or above the initial level on any annual observation date. The exact call premium will be set at pricing.

If the notes are not called and the index finishes above the step-up value, 130% of the initial level, the payout at maturity will be par plus the index gain.

If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 30%.

Investors will be exposed to any losses.

BofA Merrill Lynch is the agent.

The notes are expected to price in June.

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