By Rebecca Melvin
New York, May 10 – BofA Finance LLC priced $1.04 million of contingent income buffered callable notes due May 5, 2021 linked to the least performing of the VanEck Vectors Gold Miners ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, 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 monthly contingent payment dates beginning Nov. 4 at par plus the contingent coupon, at the issuer’s option.
Each month, the notes will pay a contingent coupon at an annual rate of 9.2502% if each underlying fund closes at or above its 75% threshold value on the observation date for that period.
The payout at maturity will be par plus the coupon unless either fund finishes below its 75% threshold level, in which case investors will lose 1% for each 1% decline beyond the 25% buffer.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Contingent income buffered callable notes
|
| Underliers: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,044,000
|
| Maturity: | May 5, 2021
|
| Coupon: | 9.2502% annualized, payable monthly if each fund closes at or above its 75% coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each fund finishes at or above threshold level, par plus coupon; otherwise, 1% loss for each 1% decline of worst performing fund beyond 25% buffer
|
| Call: | At par plus contingent coupon starting Nov. 4
|
| Initial levels: | $20.89 for GDX, $30.95 for XOP
|
| Threshold value: | $15.67 for GDX, $23.21 for XOP, 75% of initial levels
|
| Pricing date: | April 30
|
| Settlement date: | May 5
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 0.15%
|
| Cusip: | 09709TQG9
|
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