Bank of America: USD LIBOR CMS instruments to use SOFR fallback starting June 30, 2023

BANK OF AMERICA CORP /DE/

Press release details fallback provisions for certain debt securities and CDs linked to USD LIBOR CMS Rate after June 30, 2023.
Two categories: Annex 1 (issued by BAC) and Annex 2 (issued by BofA Finance) with different fallback mechanisms.
Replacement rate will be SOFR Adjusted CMS Rate (per ARRC formula) or calculation agent's determination.
Holders of affected CUSIPs encouraged to review the press release and annexes.

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