By Wendy Van Sickle
Columbus, Ohio, Oct. 27 – BofA Finance LLC priced $9 million of issuer callable daily range accrual notes due Sept. 26, 2027 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Bank of America Corp.
The interest rate is 5.6% per year multiplied by the proportion of days on which the index closes at or above the barrier level, 80% of the initial index level. Interest is payable monthly.
The payout at maturity will be par unless the index closes below 80% of its initial level, in which case investors will lose 1% for each 1% index decline beyond 20%.
Beginning Oct. 28, 2018, the notes will be callable at par on any interest payment date.
BofA Merrill Lynch is the agent.
| Issuer: | BofA Finance LLC
|
| Guarantor: | Bank of America Corp.
|
| Issue: | Issuer callable daily range accrual notes
|
| Underlying index: | Russell 2000
|
| Amount: | $9 million
|
| Maturity: | April 28, 2025
|
| Coupon: | 5.6% per year multiplied by proportion of days on which index closes at or above barrier level; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless index finishes below 80% of initial level, in which case 1% loss for each 1% index decline beyond 20%
|
| Call option: | At par on any interest payment date beginning Oct. 28, 2018
|
| Initial index level: | 1,493.478
|
| Barrier level: | 1,194.782, 80% of initial level
|
| Pricing date: | Oct. 25
|
| Settlement date: | Oct. 27
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 4%
|
| Cusip: | 09709TBL4
|
|
|
© 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.
