Published on 2/27/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $790,000 buffered autocallable notes linked to Russell, S&P 500
By Angela McDaniels
Tacoma, Wash., Feb. 27 – BofA Finance LLC priced $790,000 of 0% buffered autocallable notes due June 30, 2028 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Beginning June 27, 2024, the notes will be automatically called at par plus 8.5% per year if each index closes at or above its initial level on any quarterly observation date.
If the lesser performing index’s final level is greater than or equal to its initial level, the payout at maturity will be par plus 42.5%. If the lesser performing index’s final level is less than its initial level but greater than or equal to its threshold level, 85% of its initial level, the payout will be par. Otherwise, investors will lose 1% for every 1% that the lesser performing index declines beyond 15%.
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: | Buffered autocallable notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $790,000
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| Maturity: | June 30, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If lesser performing index’s final level is greater than or equal to initial level, par plus 42.5%; if lesser performing index’s final level is less than initial level but greater than or equal to threshold level, par; otherwise, 1% loss for every 1% that lesser performing index declines beyond 15%
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| Call: | Beginning June 27, 2024, automatically at par plus 8.5% per year if each index closes at or above initial level on any quarterly observation date
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| Initial levels: | 1,849.93 for Russell, 4,378.41 for S&P
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| Threshold levels: | 1,572.441 for Russell, 3,721.65 for S&P, 85% of initial levels
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| Pricing date: | June 27, 2023
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| Settlement date: | June 30, 2023
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| Agent: | BofA Securities, Inc.
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| Fees: | 3.75%
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| Cusip: | 09711A2S6
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