Published on 2/11/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $242,000 buffered autocallable notes tied to Russell, S&P
Chicago, Feb. 11 – BofA Finance LLC priced $242,000 of 0% buffered autocallable notes due May 31, 2028 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 9% annualized call premium if each index closes at or above its call level on any annual call date. The first call level is the initial level, and will reduce 2.5% each year.
The payout at maturity will be par plus 45% if each index finishes at or above 90% of its initial level.
If the laggard index falls more than 10% but not more than 15%, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer beyond the 15% buffer.
The notes will be guaranteed by Bank of America Corp.
BofA Securities, Inc. is the selling agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Buffered autocallable notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $242,000
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| Maturity: | May 31, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 45% if each index finishes at or above 90% of initial level; par if laggard index falls more than 10% but not more than 15%; otherwise, 1% loss for every 1% that worst performer declines beyond 15% buffer
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| Call: | Automatically at par plus 9% annualized call premium if each index closes at or above call level on any annual call date; first call level is initial level, decreases 2.5% each year
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| Initial levels: | 1,754.605 for Russell, 4,151.28 for S&P
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| Redemption barrier levels: | 1,579.145 for Russell, 3,736.15 for S&P; 90% of initial levels
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| Threshold levels: | 1,491.414 for Russell, 3,528.59 for S&P; 85% of initial levels
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| Pricing date: | May 25, 2023
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| Settlement date: | May 31, 2023
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| Selling agent: | BofA Securities, Inc.
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| Fees: | 3.3%
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| Cusip: | 09709VVT0
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