By Sarah Lizee
Olympia, Wash., May 1 – BofA Finance LLC priced $374,000 of contingent income buffered autocallable securities due Oct. 29, 2026 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
Each month, the notes will pay a contingent coupon at the rate of 9% per year if each underlier closes at or above its coupon barrier, 70% of its initial level, on the determination date for that period.
Starting April 27, 2020, the notes will be automatically called at par if each underlier closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless either underlier finishes below its 80% buffer level, in which case investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 20%.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income buffered autocallable securities
|
| Underliers: | SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Gold Miners ETF
|
| Amount: | $374,000
|
| Maturity: | Oct. 29, 2026
|
| Coupon: | 9% per year, payable monthly if each underlier closes at or above coupon barrier level on determination date
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlier finishes below buffer level, in which case 1% loss for every 1% that lesser-performing underlier declines beyond 20%
|
| Call: | Starting April 27, 2020, automatically at par if each underlier closes at or above initial level on any quarterly determination date
|
| Initial levels: | $31.28 for oil and gas ETF and $21.30 for gold ETF
|
| Coupon barriers: | $21.90 for oil and gas ETF and $14.91 for gold ETF; 70% of initial levels
|
| Buffer levels: | $25.02 for oil and gas ETF and $17.04 for gold ETF; 80% of initial levels Pricing date: | April 26
|
| Settlement date: | April 30
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 4%
|
| Cusip: | 09709TPT2
|
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