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424B2: Prospectus

SEC announcement ·  Jun 15 05:25
Summary by Futu AI
Bank of America Corporation (BofA) has announced the issuance of Fixed Coupon Barrier Notes linked to a basket of two stocks, CrowdStrike Holdings, Inc. and Palo Alto Networks, Inc., with an equal weight assigned to each. The notes, issued by BofA Finance LLC and guaranteed by BofA, have a principal amount of $10 per unit, totaling $5 million. They offer a fixed quarterly coupon payment of $0.325 and have a maturity date of June 20, 2025, with the pricing date set for June 12, 2024. The notes are designed to return the principal amount at maturity if the basket's value does not decrease by more than 20%; otherwise, investors are exposed to a 1-to-1 downside with up to 100% of the principal at risk. The initial estimated value...Show More
Bank of America Corporation (BofA) has announced the issuance of Fixed Coupon Barrier Notes linked to a basket of two stocks, CrowdStrike Holdings, Inc. and Palo Alto Networks, Inc., with an equal weight assigned to each. The notes, issued by BofA Finance LLC and guaranteed by BofA, have a principal amount of $10 per unit, totaling $5 million. They offer a fixed quarterly coupon payment of $0.325 and have a maturity date of June 20, 2025, with the pricing date set for June 12, 2024. The notes are designed to return the principal amount at maturity if the basket's value does not decrease by more than 20%; otherwise, investors are exposed to a 1-to-1 downside with up to 100% of the principal at risk. The initial estimated value of the notes is $9.501 per unit, which is below the public offering price of $10. The notes are not FDIC insured, not bank guaranteed, and may lose value. They will not be listed on any exchange, indicating limited secondary market liquidity. The offering includes an underwriting discount of $0.10 per unit, with proceeds before expenses to BofA Finance totaling $4.95 million. The notes and the related guarantee rank equally with all of BofA Finance's and BAC's other unsecured and unsubordinated obligations. The notes' value will be influenced by the performance of the basket, BofA's and BAC's credit risk, and market conditions. The SEC, state securities commissions, or other regulatory bodies have not approved or disapproved the securities, nor have they passed upon the accuracy or completeness of the Note Prospectus.

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