BofA to price contingent income autocallable notes linked to Snap

By Angela McDaniels

Tacoma, Wash., July 31 – BofA Finance LLC plans to price contingent income autocallable notes due Aug. 12, 2019 linked to the common stock of Snap Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Bank of America Corp.

Each quarter, the notes will pay a contingent coupon at the rate of 18% per year if Snap stock closes at or above the barrier level, 60% of the initial share price, on the observation date for that quarter.

The notes will be automatically called at par if Snap stock closes at or above the initial share price on any quarterly observation date.

If the notes are not called, the payout at maturity will be par unless the final share price is less than the barrier level, in which case the payout will be a number of Snap shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.

BofA Merrill Lynch is the agent.

The notes will settle Aug. 11.

The Cusip number is 09709TAV3.

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