By William Gullotti
Buffalo, N.Y., July 5 – BofA Finance LLC priced $2.14 million of contingent income autocallable yield notes due July 2, 2026 tied to the stocks of JPMorgan Chase & Co. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at the rate of 10.5% per year if each stock closes at or above its coupon barrier level, 50% of its initial level, on the observation date that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial level on any quarterly call determination date.
If the notes are not called and each stock finishes at or above its downside threshold level, 50% of its initial level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income autocallable yield notes
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| Underlying stocks: | JPMorgan Chase & Co., Amazon.com, Inc.
|
| Amount: | $6,763,000
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| Maturity: | July 2, 2026
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| Coupon: | 10.5% per year, payable quarterly if each stock closes at or above coupon barrier level on any observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold, par plus final coupon; if any stock finishes below downside threshold level, full exposure to decline of lowest-performing stock from its initial level
|
| Call option: | At par plus coupon if each stock closes at or above its initial level on any quarterly call determination date
|
| Initial levels: | $138.59 for JPMorgan, $129.04 for Amazon
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| Coupon barriers: | $69.30 for JPMorgan, $64.52 for Amazon; 50% of initial levels
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| Downside threshold levels: | $69.30 for JPMorgan, $64.52 for Amazon; 50% of initial levels
|
| Pricing date: | June 28
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| Settlement date: | July 3
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| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 09711A4T2
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