Ambac notifies AMPS holders of LIBOR-to-SOFR replacement effective July 1, 2023

OCTAVE SPECIALTY GROUP INC

Reference rate for eight series of AMPS will switch from one-month LIBOR to one-month CME Term SOFR plus 0.11448% spread adjustment.
Effective date: LIBOR Replacement Date expected July 1, 2023, per LIBOR Act and Federal Reserve Regulation ZZ.
No dividend payments on AMPS have been made since 2010; change applies to calculation of Auction Rate for future dividends if declared.
AMPS series A-H affected (CUSIPs listed); governing documents lacked a replacement benchmark rate provision.

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