By Wendy Van Sickle
Columbus, Ohio, May 11 – BofA Finance LLC priced $10 million of contingent income buffered autocallable securities due May 16, 2024 linked to the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The notes will pay a contingent quarterly coupon at an annual rate of 12.15% if the ETF closes at or above its 87% coupon barrier on the related determination date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called at par plus coupon if the ETF closes at or above its initial level on any quarterly determination date.
If the final share price of the ETF is greater than or equal to the 87% downside threshold level, the payout at maturity will be par plus the final contingent coupon.
Otherwise, investors will lose 1.1494% for every 1% decline beyond 13%.
BofA Securities, Inc. is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income buffered autocallable securities
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| Underlying ETF: | SPDR S&P 500 ETF Trust
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| Amount: | $10 million
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| Maturity: | May 16, 2024
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| Coupon: | 12.15% per year, payable quarterly if shares of the ETF close at or above coupon barrier on the observation date for that period; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If final share price of the ETF is greater than or equal to downside threshold level, par plus final coupon; otherwise, lose 1.1494% for every 1% decline beyond 13%
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| Call: | At par plus contingent coupon if the ETF closes at or above initial level on any quarterly determination date
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| Initial level: | $412.63
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| Coupon barrier: | $358.99; 87% of initial value
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| Downside threshold: | $358.99; 87% of initial value
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| Strike date: | May 5
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| Pricing date: | May 8
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| Settlement date: | May 11
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| Agent: | BofA Securities, Inc.
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 0.1%
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| Cusip: | 09709VWS1
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