By Wendy Van Sickle
Columbus, Ohio, May 10 – BofA Finance LLC priced $3.62 million of 0% autocallable market-linked step-up notes due May 26, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will be automatically called at par plus an 8.7% annualized call premium if the index closes at or above its initial level on any annual observation date.
If the index finishes above the step-up level, 135% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes flat or gains up to the step-up level, the payout will be par plus the step-up payment of 35%. If the index declines up to 15%, investors will receive par. Otherwise, investors will lose 1% for every 1% decline beyond 15%.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $3,622,000
|
| Maturity: | May 26, 2028
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index finishes flat or gains up to the step-up level, par plus 35%; if the index declines up to 15%, par; otherwise, lose 1% for every 1% decline below 15%
|
| Call: | Automatically at par plus an 8.7% annualized call premium if the index closes at or above its initial level on any annual observation date
|
| Initial level: | 4,146.87
|
| Step-up value: | 5,598.27; 135% of initial level
|
| Threshold level: | 3,524.84; 85% of initial level
|
| Pricing date: | May 5
|
| Settlement date: | May 12
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 09710F553
|
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