Published on 2/7/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $260,000 10.25% contingent income issuer callable notes on three indexes
By Aalfee Rahman
New York, Feb. 7 – BofA Finance LLC priced $260,000 of contingent income issuer callable yield notes due May 23, 2028 linked to the least performing of the Dow Jones industrial average, Nasdaq-100 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.25%, paid monthly, if each underlying index closes at or above its 75% coupon barrier.
The notes are callable quarterly at par beginning Nov. 24, 2023.
If the worst performing index finishes at or above its 65% threshold value the payout at maturity will be par. If the worst performing index finishes below its 65% threshold value, investors will be fully exposed to the losses of the worst performer.
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: | Contingent income issuer callable yield notes
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| Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index and S&P 500 index
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| Amount: | $260,000
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| Maturity: | May 23, 2028
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| Price: | Par
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| Coupon: | 10.25% annual rate, paid monthly, if each underlier closes at or above its 75% coupon barrier
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| Payout at maturity: | If worst performing index finishes at or above its 65% threshold value, par; otherwise, full exposure to losses of worst performer
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| Call: | At par beginning Nov. 24, 2023, callable quarterly
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| Initial levels: | 33,535.91 for Dow, 13,834.62 for Nasdaq, 4,198.05 for S&P
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| Coupon barriers: | 25,151.93 for Dow, 10,375.97 for Nasdaq, 3,148.54 for S&P, 75% of initial levels
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| Downside thresholds: | 21,798.34 for Dow, 8,992.50 for Nasdaq, 2,728.73 for S&P, 65% of initial levels
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| Pricing date: | May 18, 2023
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| Settlement date: | May 23, 2023
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.25%
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| Cusip: | 09709VXP6
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