Bank of America announces CME term SOFR to replace Libor

By Wendy Van Sickle

Columbus, Ohio, March 31 – Bank of America Corp., BofA Finance LLC and some affiliated issuers with use CME term SOFR to replace Libor after June 30 as the benchmark for their floating- or fixed-to-floating rate debt securities, preferred stock and trust preferred securities, according to a news release.

There will be a tenor spread adjustment of 11.448 basis points and 26.6161 bps, respectively, for securities for which for one- or three-month Libor tenors are the benchmark.

The affected securities include the following benchmark notes:

• The senior medium-term floating-rate notes due March 2038 (Cusip: 63858REX5);

• The senior medium-term floating-rate notes due May 2039 (Cusip: 06050MAA5);

• The senior medium-term floating-rate notes due June 2039 (Cusip: 06050MAB3);

• The senior medium-term floating-rate notes due October 2039 (Cusip: 06050MAD9);

• The senior medium-term floating-rate notes due December 2039 (Cusip: 06050MAG2);

• The senior medium-term floating-rate notes due November 2040 (Cusip: 06050MAZ0);

• The senior medium-term floating-rate notes due December 2041 (Cusip: 06050MBS5);

• The floating-rate subordinated notes due Sept. 15, 2026 (ISIN: 59022CAA1);

• The registered floating-rate notes due October 2027 (ISIN: XS0272557876);

• The floating-rate subordinated notes due Dec. 1, 2026 (Cusip: 59022CAA1);

• The senior medium-term floating-rate notes due January 2037 (Cusip: 59018YT43);

• The 3.824% fixed/floating-rate senior notes due January 2028 (Cusip: 06051GGF0);

• The 4.443% fixed/floating-rate senior notes due January 2048 (Cusip: 06051GGG8);

• The 4.244% fixed/floating-rate senior notes due April 2038 (Cusip: 06051GGM5);

• The 3.705% fixed/floating-rate senior notes due April 2028 (Cusip: 06051GGL7);

• The 3.593% fixed/floating-rate senior notes due July 2028 (Cusip: 06051GGR4);

• The 3.093% fixed/floating-rate senior notes due October 2025 (Cusip: 06051GGT0);

• The 3.419% fixed/floating-rate senior notes due 2028 (Cusips: 06051GGW3, 06051GHD4);

• The 3.366% fixed/floating-rate senior notes due January 2026 (Cusip: 06051GGZ6);

• The 3.496% fixed/floating-rate senior notes due January 2049 (Cusip: 06051GHA0); and

• The floating-rate senior notes due February 2026 (Cusip: 06051GHB8).

Preferreds

The affected securities include the following preferred stock:

• The floating-rate non-cumulative preferred stock, series 1 (Cusip: 060505542);

• The floating-rate non-cumulative preferred stock, series 2 (Cusip: 060505534);

• The floating-rate non-cumulative preferred stock, series 4 (Cusip: 060505518);

• The floating-rate non-cumulative preferred stock, series E (Cusip: 060505799);

• The floating-rate non-cumulative preferred stock, series 5 (Cusip: 060505492);

• The fixed-to-floating rate non-cumulative preferred stock, series U (Cusip: 060505EE0);

• The fixed-to-floating rate non-cumulative preferred stock, series X (Cusip: 060505EJ9);

• The fixed-to-floating rate non-cumulative preferred stock, series Z (Cusip: 060505EM2);

• The fixed-to-floating rate non-cumulative preferred stock, series AA (Cusip: 060505EP5); and

• The fixed-to-floating rate non-cumulative preferred stock, series DD (Cusip: 060505EV2).

Client-driven notes

The affected securities include the following client-driven notes:

• The fixed-to-floating rate notes with a maximum interest rate due Oct. 30, 2024 (Cusip: 06048WPV6);

• The fixed-to-floating rate notes with a maximum interest rate due Nov. 25, 2024 (Cusip: 06048WPZ7);

• The fixed-to-floating rate notes with a maximum interest rate due Oct. 28, 2026 (Cusip: 06048WTR1); and

• The fixed-to-floating rate notes with a maximum interest rate due Aug. 28, 2027 (Cusip: 06048WUS7).

Capital securities

The affected capital trust preferred securities include:

• The floating-rate preferred hybrid income term securities of BAC Capital Trust XIII (Cusip: 05518UAA5);

• The 5.63% fixed-to-floating rate preferred hybrid income term securities of BAC Capital Trust XIV (Cusip: 05518VAA3); and

• The floating-rate capital securities of BAC Capital Trust XV (Cusip: 05518WAA1).

The financial services company is based in Charlotte, N.C.

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