Published on 4/12/2024 in the Prospect News Structured Products Daily.
New Issue: BofA sells $8.5 million autocallable contingent coupon barrier notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, April 12 – BofA Finance LLC priced $8.5 million of autocallable contingent coupon barrier notes due April 15, 2026 linked to the lesser performing of the MSCI EAFE index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 10% per year if the worst performing index closes at or above its trigger level, 75% of its initial level, on the relevant observation date.
The notes will be called at par plus coupon if the worst performing index closes at or above its initial level on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the worst performing index finishes below its 75% trigger level, in which case investors will be fully exposed to the decline of the worst performing index from its initial level.
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: | Autocallable contingent coupon barrier notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index, MSCI EAFE index
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| Amount: | $8.5 million
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| Maturity: | April 15, 2026
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| Coupon: | 10% annual rate, payable quarterly if worst performing index closes at or above trigger level on the relevant observation date
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| Price: | Par
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| Payout at maturity: | If all indexes finish at or above the trigger level, par plus the final coupon; otherwise, investors will be fully exposed to the worst performing index from its initial level
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| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date after six months
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| Initial levels: | 5,202.39 for S&P, 2,073.713 for Russell, 2,334.64 for EAFE
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| Trigger levels: | 3,901.79 for S&P, 1,555.285 for Russell, 1,750.98 for EAFE; 75% of initial levels
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| Pricing date: | April 8
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| Settlement date: | April 11
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| Agent: | BofA Securities, Inc.
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| Fees: | 1%
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| Cusip: | 09710R185
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