By Wendy Van Sickle
Columbus, Ohio, May 15 – BofA Finance LLC priced $10 million of contingent income buffered autocallable securities due May 20, 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 monthly coupon at an annual rate of 13% 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 monthly 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
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income buffered autocallable securities
|
| Underlying ETF: | SPDR S&P 500 ETF Trust
|
| Amount: | $10 million
|
| Maturity: | May 20, 2024
|
| Coupon: | 13% per year, payable monthly 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
|
| Price: | Par
|
| 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%
|
| Call: | At par plus contingent coupon if the ETF closes at or above initial level on any monthly determination date
|
| Initial level: | $410.93
|
| Coupon barrier: | $357.51; 87% of initial value
|
| Downside threshold: | $357.51; 87% of initial value
|
| Strike date: | May 9
|
| Pricing date: | May 10
|
| Settlement date: | May 15
|
| Agent: | BofA Securities, Inc.
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 0.1%
|
| Cusip: | 09709VX43
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
