By Rebecca Melvin
New York, May 10 – BofA Finance LLC priced $670,000 of contingent income issuer callable notes due May 1, 2024 linked to the least performing of the Russell 2000 index and 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 are callable on contingent payment dates at par plus the contingent coupon after one year.
Each quarter, the notes will pay a contingent coupon at the annual rate of 5.35% per year if each index closes at or above its threshold value of 60% of its initial level on that period’s observation date.
If each index finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par plus the coupon.
If either index finishes below its downside threshold, investors will be fully exposed to the decline of the least-performing index from its initial level.
BofA Merrill Lynch is the selling agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Callable contingent income securities
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Underlying indexes: | Russell 2000 index and S&P 500 index
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Amount: | $670,000
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Maturity: | May 1, 2024
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Coupon: | 5.35% per year, payable quarterly if each index closes at or above coupon barrier level on observation date that period
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Price: | Par
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Payout at maturity: | Par plus coupon if each index finishes at or above downside threshold; if any index finishes below downside threshold, full exposure to decline of least-performing index from its initial level
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Call option: | Starting April 30, 2020, notes are callable at par quarterly
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Initial levels: | 1,591.816 for Russell and 2,939.88 for S&P
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Threshold value: | 955.090 for Russell, 1,763.93 for S&P 500, 60% of initial levels
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Pricing date: | April 26
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Settlement date: | April 30
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Agent: | BofA Merrill Lynch
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Fees: | 2.5%
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Cusip: | 09709TPX3
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