By William Gullotti
Buffalo, N.Y., July 6 – BofA Finance LLC priced $2.41 million of contingent income buffered autocallable yield notes due May 31, 2024 linked to the iShares Silver Trust and the VanEck Vectors Gold Miners ETF, 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 monthly coupon at an annual rate of 6% if each ETF closes above its 80% downside threshold on a related determination date.
The notes will be called at par plus coupon due if each ETF closes at or above initial levels on any quarterly determination date after one year.
If the final share price is greater than or equal to the 80% downside threshold level, the payout at maturity will be par plus final contingent coupon. Otherwise, investors will lose 1% for every 1% decline in the laggard ETF beyond 20%.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income buffered autocallable yield notes
|
| Underlying ETFs: | iShares Silver Trust, VanEck Vectors Gold Miners ETF
|
| Amount: | $2,411,000
|
| Maturity: | May 31, 2024
|
| Coupon: | 6% per year, payable monthly if shares close at or above downside threshold level on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus any final contingent coupon; otherwise, investors will lose 1% for every 1% decline of the laggard ETF beyond 20%
|
| Call: | At par plus contingent coupon if each ETF closes at or above initial levels on any quarterly determination date after one year
|
| Initial levels: | $25.99 for iShares, $39.52 for VanEck
|
| Coupon barrier: | $20.79 for iShares, $31.62 for VanEck; 80% of initial value
|
| Downside threshold: | $20.79 for iShares, $31.62 for VanEck; 80% of initial value
|
| Pricing date: | May 25
|
| Settlement date: | May 28
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 3%
|
| Cusip: | 09709UJM1
|
|
|
|
|
|
|
© 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.
