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BofA Finance LLC
Fully and Unconditionally Guaranteed by Bank of America Corporation
Market Linked Securities
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Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Class A Common Stock of Alphabet Inc., the Common Stock of Amazon.com, Inc. and the Common Stock of Apple Inc. due November 29, 2029
Term Sheet to Preliminary Pricing Supplement dated November 21, 2025 |
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Issuer and Guarantor:
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BofA Finance LLC (“BofA Finance” or “Issuer”) and Bank of America Corporation (“BAC” or the “Guarantor”)
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Underlying Stocks:
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The Class A Common Stock of Alphabet Inc., the Common Stock of Amazon.com, Inc. and the Common Stock of Apple Inc.
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Pricing Date*:
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November 26, 2025
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Issue Date*:
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December 2, 2025
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Maturity Date*:
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November 29, 2029
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Denominations:
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$1,000 and any integral multiple of $1,000.
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Automatic Call:
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If the stock closing price of the Lowest Performing Underlying Stock on any Call Date is greater than or equal to its Starting Price, the Securities will be automatically called for the principal amount plus the Call Premium applicable to that Call Date.
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Call Dates* and Call Premiums:
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The Call Premium applicable to each Call Date will be a percentage of the principal amount that increases for each Call Date based on a simple (non-compounding) return of at least approximately 25.75% per annum (to be determined on the Pricing Date). See “Call Dates and Call Premiums” on page 2.
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Lowest Performing Underlying Stock:
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The Lowest Performing Underlying Stock on any Call Date is the Underlying Stock with the lowest Performance Factor on that Call Date.
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Performance Factor:
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With respect to an Underlying Stock on any Call Date, its stock closing price on such Call Date divided by its Starting Price (expressed as a percentage).
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Call Settlement Date:
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Three business days after the applicable Call Date.
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Maturity Payment Amount (per Security):
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If the Securities are not automatically called, you will receive a Maturity Payment Amount that could be equal to or less than the principal amount per Security:
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If the Ending Price of the Lowest Performing Underlying Stock on the Final Calculation Day is less than its Starting Price but greater than or equal to its Threshold Price: $1,000; or
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If the Ending Price of the Lowest Performing Underlying Stock on the Final Calculation Day is less than its Threshold Price:
$1,000 × Performance Factor of the Lowest Performing Underlying Stock on the Final Calculation Day
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Starting Price:
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For each Underlying Stock, its stock closing price on the Pricing Date
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Ending Price:
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For each Underlying Stock, its stock closing price on the Final Calculation Day
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Threshold Price:
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For each Underlying Stock, 60% of its Starting Price.
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Calculation Agent:
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BofA Securities, Inc. (“BofAS”), an affiliate of BofA Finance
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Underwriting Discount**:
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Up to 1.575% per Security; dealers, including those using the trade name Wells Fargo Advisors (WFA), may receive a selling concession of 1.00% per Security and WFA may receive a distribution expense fee of 0.075% per Security.
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CUSIP:
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09711NEF3
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Material Tax Consequences:
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See the preliminary pricing supplement.
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*Subject to change.
** In addition, selected dealers may receive a fee of up to 0.30% per Security for marketing and other services.
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Call Date
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Call Premium†
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Call Date
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Call Premium†
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December 2, 2026
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At least 25.750% of the principal amount
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July 3, 2028
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At least 66.521% of the principal amount
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January 4, 2027
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At least 27.896% of the principal amount
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August 2, 2028
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At least 68.667% of the principal amount
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February 2, 2027
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At least 30.042% of the principal amount
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September 5, 2028
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At least 70.813% of the principal amount
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March 2, 2027
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At least 32.188% of the principal amount
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October 2, 2028
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At least 72.958% of the principal amount
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April 2, 2027
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At least 34.333% of the principal amount
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November 2, 2028
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At least 75.104% of the principal amount
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May 3, 2027
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At least 36.479% of the principal amount
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December 4, 2028
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At least 77.250% of the principal amount
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June 2, 2027
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At least 38.625% of the principal amount
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January 2, 2029
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At least 79.396% of the principal amount
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July 2, 2027
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At least 40.771% of the principal amount
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February 2, 2029
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At least 81.542% of the principal amount
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August 2, 2027
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At least 42.917% of the principal amount
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March 2, 2029
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At least 83.688% of the principal amount
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September 2, 2027
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At least 45.063% of the principal amount
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April 3, 2029
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At least 85.833% of the principal amount
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October 4, 2027
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At least 47.208% of the principal amount
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May 2, 2029
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At least 87.979% of the principal amount
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November 2, 2027
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At least 49.354% of the principal amount
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June 4, 2029
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At least 90.125% of the principal amount
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December 2, 2027
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At least 51.500% of the principal amount
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July 2, 2029
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At least 92.271% of the principal amount
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January 3, 2028
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At least 53.646% of the principal amount
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August 2, 2029
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At least 94.417% of the principal amount
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February 2, 2028
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At least 55.792% of the principal amount
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September 4, 2029
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At least 96.563% of the principal amount
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March 2, 2028
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At least 57.938% of the principal amount
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October 2, 2029
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At least 98.708% of the principal amount
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April 3, 2028
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At least 60.083% of the principal amount
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November 2, 2029
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At least 100.854% of the principal amount
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May 2, 2028
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At least 62.229% of the principal amount
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November 26, 2029 (the "Final Calculation Day")
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At least 103.000% of the principal amount
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June 2, 2028
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At least 64.375% of the principal amount
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Your investment may result in a loss; there is no guaranteed return of principal.
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Any positive investment return on the Securities is limited.
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The Securities do not bear interest.
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The amount payable upon an automatic call or the Maturity Payment Amount, as applicable, will not reflect the prices of the Underlying Stocks other than on the Call Dates.
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The Securities are subject to a potential automatic call, which would limit your ability to receive further payment on the Securities.
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Because the Securities are linked to the lowest performing (and not the average performance) of the Underlying Stocks, you may not receive any return on the Securities and may lose a significant portion or all of your principal amount even if the stock closing price of one Underlying Stock is always greater than or equal to its Starting Price or Threshold Price.
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Your return on the Securities may be less than the yield on a conventional debt security of comparable maturity.
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A Call Settlement Date and the Maturity Date may be postponed if a Call Date is postponed.
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Any payment on the Securities is subject to the credit risk of BofA Finance, as issuer, and BAC, as Guarantor, and actual or perceived changes in BofA Finance’s or the Guarantor’s creditworthiness are expected to affect the value of the Securities.
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We are a finance subsidiary and, as such, have no independent assets, operations or revenues.
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The public offering price you pay for the Securities will exceed their initial estimated value.
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The initial estimated value does not represent a minimum or maximum price at which BofA Finance, BAC, BofAS or any of our other affiliates or Wells Fargo Securities, LLC (“WFS”) or its affiliates would be willing to purchase your Securities in any secondary market (if any exists) at any time.
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BofA Finance cannot assure you that a trading market for your Securities will ever develop or be maintained.
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The Securities are not designed to be short-term trading instruments, and if you attempt to sell the Securities prior to maturity, their market value, if any, will be affected by various factors that interrelate in complex ways, and their market value may be less than the principal amount.
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Trading and hedging activities by BofA Finance, the Guarantor and any of our other affiliates, including BofAS, and WFS and its affiliates, may create conflicts of interest with you and may affect your return on the Securities and their market value.
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There may be potential conflicts of interest involving the calculation agent, which is an affiliate of ours.
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Any payments on the Securities and whether the Securities are automatically called will depend upon the performance of the Underlying Stocks, and therefore the Securities are subject to the following risks, each as discussed in more detail in the accompanying product supplement.
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The Securities may become linked to the common stock of a company other than an original Underlying Stock Issuer.
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We cannot control actions by an Underlying Stock Issuer.
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We and our affiliates have no affiliation with any Underlying Stock Issuer and have not independently verified any public disclosure of information.
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You have limited anti-dilution protection.
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The U.S. federal income and estate tax consequences of the Securities are uncertain, and may be adverse to a holder of the Securities.
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